Gold steady as investors await clarity on US-Iran talks

Gold prices were largely steady in choppy trade on Thursday, as investors looked for clarity on the potential peace talks between the United States and Iran following fresh signs of strain between the two countries.

FUNDAMENTALS

* Spot gold was up 0.1% at $4,744.31 per ounce, as of 0100 GMT. ‌U.S. gold ⁠futures ⁠for June delivery gained 0.2% to $4,762.20.


* Iran seized two ships in the Strait of Hormuz on Wednesday, tightening its grip on the strategic waterway after U.S. President Donald Trump called off attacks with no sign of peace talks restarting.

* On Tuesday, U.S. President Donald Trump said he would indefinitely extend the ceasefire with Iran, ⁠hours before it ‌was due to expire. Neither side showed up for peace talks in Pakistan.

* Trump maintained the U.S. Navy ⁠blockade of Iran's trade by sea, and Iran's parliament speaker and top negotiator Mohammad Baqer Qalibaf said a full ceasefire only made sense if it was lifted.

* Wall Street stocks gained ground on Wednesday following Trump's unilaterally declared ceasefire extension in the Iran war, and oil resumed its upward climb after Iran challenged the fragile truce by seizing two ‌cargo ships in the Strait of Hormuz.

* The U.S. Federal Reserve will wait at least six months before cutting interest rates this year, ⁠according to a Reuters poll of economists, as war-driven energy shocks reignite already-elevated inflation. * SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings remained unchanged at 965.94 metric tons on Tuesday. * Spot silver rose 0.5% to $78.06 per ounce, platinum gained 0.3% to $2,080.35, and palladium was up 0.4% at $1,553.01.

DATA/EVENTS (GMT)

0830 UK Flash Manufacturing, Services, Composite PMI Apr

1000 UK CBI Business Optimism Q2

1230 US Initial Jobless Clm 18 Apr,

1345 US S&P Global Mfg, Scvs, Comp PMI Flash Apr