.jpg)
Gold Prices Edge Higher as Investors Await Fed Signals and Middle East Developments
Gold prices inched up during early Asian trading on April 29, as investors remained cautious ahead of remarks from Federal Reserve Chair Jerome Powell. Market participants are closely watching for clues on how the ongoing Iran conflict and stalled peace negotiations could impact the global economy.
As of 08:30 WIB, spot gold rose 0.1% to $4,598.45 per ounce, rebounding slightly after hitting its lowest level since April 2 in the previous session. Meanwhile, U.S. gold futures for June 2026 delivery also gained 0.1% to $4,612.10 per ounce.
Market sentiment continues to be influenced by geopolitical tensions in the Middle East. Efforts to resolve the Iran conflict have reached a stalemate, with U.S. President Donald Trump reportedly dissatisfied with Tehran’s latest proposal, signaling ongoing uncertainty in the region.
On the monetary policy front, investors widely expect the Federal Reserve to keep interest rates unchanged at the conclusion of its two-day meeting later today. Attention is also turning to upcoming decisions from other major central banks this week, including the European Central Bank, the Bank of England, and the Bank of Canada.
In Asia, demand signals remain strong. China, the world’s largest gold consumer, imported a net 47.866 metric tons of gold via Hong Kong in March, up from 46.249 tons in February, according to official data released Tuesday.
Looking ahead, energy prices are projected to surge by 24% in 2026, potentially reaching their highest levels since Russia’s full-scale invasion of Ukraine, according to the World Bank. The outlook depends heavily on whether disruptions caused by Middle East conflicts ease by May.
Oil prices also climbed nearly 3% on Tuesday, driven by persistent concerns over supply disruptions in the Strait of Hormuz. These concerns outweighed market reactions to reports that the United Arab Emirates may exit OPEC and the broader OPEC+ alliance.