Gold Prices Steady Amid Geopolitical Tensions and Job Data Anticipation

On Wednesday, gold prices held steady after initially rising, as markets remained focused on geopolitical developments and upcoming U.S. jobs data that could influence future interest rate expectations. Spot gold was nearly unchanged at $4,931.99 per ounce, having previously climbed by 3.1% during the session.

This comes as the U.S. gold futures for April delivery saw a 0.4% increase, reaching $4,956.10 per ounce. Bart Melek, global head of commodity strategy at TD Securities, noted resistance levels at $5,050 and $5,100.

While the metal has faced significant fluctuations recently, global economic and geopolitical factors continue to play a critical role in shaping the market dynamics for gold and other commodities such as silver, platinum, and palladium, all of which also saw modest gains.