Gold $4,492.80, silver $74.545 barely budge amid Fed, U.S.-Iran tensions
Gold and silver prices barely budged on Wednesday, with gold at $4,492.80 per ounce and silver at $74.545 per ounce in early trading.
Investors are keeping a close watch on tensions between the US and Iran, plus what the Federal Reserve does next with interest rates.
Oil and inflation press bullion
Talk of possible US military action against Iran made waves, but things calmed down after officials said talks were making progress.
Meanwhile, everyone's waiting for clues from the Fed about interest rates: most experts think rates will stay put for now to fight inflation.
High oil prices and ongoing inflation are also putting pressure on gold and silver, as Managing Director at RiddiSiddhi Bullions Prithviraj Kothari puts it, "West Asia tensions, firm oil prices and persistent inflation continued to keep pressure on bullion prices, while the Fed minutes and flash PMI data would be key triggers for the next directional move."