Gold prices were largely steady on Thursday ‌as investors remained cautious about the fragile U.S.-Iran ceasefire.

Spot gold inched 0.1% higher to $4,721.51 ​per ounce, as of 0523 GMT. U.S. gold futures for June delivery ​fell 0.7% to $4,744.90.

Investors were also mindful of a key U.S. inflation report due later in the day, also in focus for interest rate clues.

Minutes from the Federal Reserve’s March 17 to 18 meeting showed that more ​policymakers felt rate hikes ​could be needed ⁠to counter inflation that continued to exceed the central bank’s 2% target.

U.S. Personal Consumption Expenditures data for February is due ​at 1230 GMT, and March consumer price data on Friday could give ​further clues ⁠on the Fed’s policy path.

GoldSilver Central Managing Director, Brian ​Lan, told Reuters in a note he expected gold to consolidate between $4,607 and $4,860 in the near term.

“It doesn’t seem like gold is looking to do ⁠much at this moment. I think there’s still a lot of speculation on ​what’s going to happen after the ceasefire,” he said.

READ ALSO: Yen, Euro, Other Global Currencies Today, April 9, 2026

On Wednesday, Israel pounded Lebanon with its heaviest strikes yet, killing hundreds of people and drawing a threat of retaliation from ​Iran.

Oil prices rose on Thursday on concerns that supply from the key Middle ​East producing region may not fully resume amid doubts that the two-week ceasefire will hold.

Spot gold has declined more than 10% since the war began on February 28, as higher energy prices fuelled inflation concerns and prompted markets to reassess interest rate expectations, reducing the non-yielding bullion’s appeal.

“Beyond near-term liquidity needs, we expect gold to continue to rebuild its gains in the coming months amid heightened geopolitical risk,” Standard Chartered said ⁠in a ​note on Wednesday.

Among other metals, spot silver fell ​0.1% to $74.07 per ounce, platinum lost 0.4% to $2,020.60, and palladium edged up 0.3% to $1,559.