Gold price has remained steady as all eyes on U.S. President Donald Trump's visit to China and scheduled meet with XI Jinping. Spot gold was steady at $4,713.39 per ounce. U.S. gold futures for June delivery gained 0.7 per cent to $4,721.80. Spot silver rose 1 per cent to $87.40 per ounce, platinum slid 0.1 per cent to $2,124.70, and palladium was up 0.4 per cent at $1,497. Oil prices fell after three straight sessions of gains, as investors awaited developments around the fragile ceasefire in the Iran war.
U.S. President Donald Trump said on Tuesday he does not think he will need China's help to end the war with Iran, even as hopes for a lasting peace deal dwindled and Tehran tightened its grip over the Strait of Hormuz.
U.S. Treasury Secretary Scott Bessent has said that President Trump and his Chinese counterpart Xi Jinping will discuss the Iran war, and urged China to "join us in this international operation" to open the Strait of Hormuz to international shipping.
Data showed that U.S. consumer inflation increased further in April, with the annual rate posting its largest gain in three years, further bolstering expectations the Federal Reserve would keep interest rates unchanged for a while.
The U.S. Senate on Tuesday confirmed Kevin Warsh to a 14-year term as Federal Reserve governor, marking an important step towards his succeeding Jerome Powell as the U.S. central bank's next leader.
India has raised import tariffs on gold and silver to 15 per cent from 6 per cent as part of efforts to curb overseas purchases of the metals and ease pressure on the country's foreign exchange reserves.
