Spot Gold rebounded from a two-week low of $3,295.31 per troy ounce on Wednesday, as the US Dollar and Treasury yields eased, while investors kept a close eye on developments surrounding the truce between Israel and Iran.
The ceasefire between the two countries was holding on Wednesday, a day after both sides indicated their air conflict had concluded, for the time being at least.
The US Dollar Index was holding near a one-week low. A softer dollar makes dollar-priced Gold more appealing to international investors holding other currencies.
The 10-year US Treasury yield stood near an over one-month low, at 4.285%.
Meanwhile, higher tariffs could start driving inflation up this summer, a period of key importance for the Federal Reserve’s consideration of potential rate cuts, Fed Chair Jerome Powell said before Congress on Tuesday.
Markets are now pricing in about 60 basis points of rate cuts by the Federal Reserve by the end of this year, with the first reduction expected in September.
Spot Gold was last up 0.25% on the day to trade at $3,331.62 per troy ounce.
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