Gold has shown very little movement by London lunchtime, remaining in a tight range following the turbulent swings of the past couple of weeks.
By 12:30 GMT, spot gold was trading at $4,984, while silver held at $78. The yellow metal jumped more than 2% on Wednesday, recovering much of the ground it lost earlier in the week.
Geopolitical tensions continue to underpin bullion’s appeal. Diplomatic efforts in the Middle East and Eastern Europe have so far failed to ease market concerns, and persistent fragility is embedding a risk premium into global markets.
Further upside for gold may also be constrained by uncertainty around US monetary policy. The latest Federal Reserve minutes revealed a divided committee, with some officials open to tightening again if necessary, while others signalled readiness to ease if conditions deteriorate.
Friday’s personal consumption expenditures (PCE) inflation release will be pivotal in guiding expectations.
For now, investors are in wait-and-see mode. A firm US dollar is also keeping upward pressure on bullion in check, meaning gold may struggle to push significantly higher until new data or developments emerge.