Gold held a decline, which was triggered by a reduction in Middle East tensions as a shaky Iran-Israel ceasefire appeared to hold, cutting haven demand.
Bullion traded little changed at around $3,325 an ounce early in Asia, after closing down 1.3% on Tuesday. The truce continued between Israel and Iran came after US President Donald Trump lashed out at both sides for early breaches.
Geopolitical uncertainties, along with trade tensions and central bank buying, have seen gold surge 27% this year, including to a record of around $3,500 an ounce in April. While the rise has paused, bullion has been mostly fluctuating between the $3,300 to $3,400 range over the past month, also boosted by economic concerns created by Trump’s tariff agenda, and expectations for interest-rate cuts keep investors on edge.
Meanwhile, US consumer confidence declined unexpectedly in June, signaling ongoing anxiety about about tariff-driven impacts on the economy and job market. While that could prompt the Federal Reserve to resume monetary easing in coming months, Chair Jerome Powell reiterated his view that policymakers need not rush. Lower rates are generally positive for non—interest paying bullion.
Gold was steady at $3,326.53 an ounce as of 8:18 a.m. Singapore time. The Bloomberg Dollar Spot Index was flat. Silver and palladium were little changed, while platinum dipped.