Gold held a decline as a shaky Iran-Israel ceasefire appeared to hold, reducing demand for haven assets.
Bullion was near $3 330 an ounce, after closing down 1.3% on Tuesday. The truce between Israel and Iran continued after US President Donald Trump lashed out at both sides for early breaches.
Geopolitical uncertainties, along with Trump’s aggressive trade policy and central bank buying, a 27% advance in gold this year. The rally has lost momentum over the last couple of months, however, with bullion mostly trading between $3 300 and $3 400 an ounce.
US consumer confidence declined unexpectedly in June, signaling ongoing anxiety about tariff-driven impacts on the economy and job market. That could prompt the Federal Reserve to cut rates in the coming months, but Chair Jerome Powell has reiterated his view that policymakers need not rush. Lower rates are typically positive for non—interest paying bullion.
Spot gold rose 0.2% to $3 330.85 an ounce as of 10:35 a.m. Singapore time. The Bloomberg Dollar Spot Index was flat. Silver was steady, while platinum and dipped.
