Gold prices stabilize as investors await Middle East developments and US inflation data

Gold prices stabilized in Tuesday's trading as investors assessed Middle East developments, interest rate expectations, and US inflation data. By 10:11 Moscow time, gold futures for June were trading at $4704.50 per ounce, down 0.51% from the previous settlement. Spot contracts were trading at $4690.33 per ounce, a 0.97% decrease from the last close. Trump said Monday that the ceasefire with Iran is "on the verge of collapse" after Tehran's response to a US proposal showed both sides remain far apart on several issues. Ilya Spivak, head of global macroeconomics at "Tasty Live," stated, "We have already seen a shift in expectations from many central banks toward more hawkish policies, and for the Federal Reserve, this has led to the elimination of all possibilities for interest rate cuts this year." He added, "We eagerly await what CPI figures might reveal and whether they indicate stronger inflationary momentum than expected." The data will be released later today and could provide investors with a clearer picture regarding the Federal Reserve's interest rate path.