Gold Steady Ahead of Powell Speech on War Impact

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On April 29, 2026, gold held firm as investors tracked the steady trend, awaiting signals from Jerome Powell on how the Iran war could shape the economic outlook. Sentiment remained cautious amid stalled peace efforts.

Gold Holds Ground as Tension Builds—What’s Next?

Gold prices were largely unchanged on Wednesday, reflecting a steady pattern as markets braced for policy cues. Spot gold edged down 0.1% to $4,590.80 per ounce by 0611 GMT, after touching its lowest level since April 2 in the previous session.

U.S. gold futures for June delivery also slipped 0.1% to $4,604, underscoring subdued momentum. Investors widely expect the Federal Reserve to keep interest rates unchanged following its two-day meeting.

Oil Strength and Inflation Keep Markets on Edge

Elevated energy prices added another layer of uncertainty, with Brent crude holding above $111 per barrel. War-driven supply concerns have typically fueled inflation pressures, reinforcing gold’s steady positioning. “Still waters run deep”—and gold’s calm may conceal sharp moves ahead depending on Powell’s tone.