gold rate today: Gold Price today: Will gold rate crash on Wednesday? Donald Trump holds key

Gold prices are trending horizontally as all eyes turn to US President Donald Trump’s visit to China and the planned meeting with Xi Jinping. Spot gold was steady at $4,713.39 per ounce. US gold futures for June delivery rose 0.7 percent to $4,721.80. Spot silver rose 1 percent to $87.40 per ounce, platinum fell 0.1 percent to $2,124.70 and palladium rose 0.4 percent to $1,497. Oil prices fell after three consecutive sessions of gains as investors awaited developments around the fragile ceasefire in the Iran war.
US President Donald Trump said on Tuesday he did not think he would need China’s help to end the war with Iran, even as hopes for a permanent peace deal faded and Tehran tightened its grip on the Strait of Hormuz.

US Treasury Secretary Scott Bessent said President Trump and his Chinese counterpart Xi Jinping would discuss the Iran war and called on China to “join us in this international operation” to open the Strait of Hormuz to international shipping.
Data showed US consumer inflation rose further in April, with the annual interest rate posting the biggest increase in three years; This further strengthened expectations that the Federal Reserve would keep interest rates steady for a while longer.

The US Senate on Tuesday approved the confirmation of Kevin Warsh to a 14-year term as Federal Reserve governor, marking an important step towards Jerome Powell becoming the next leader of the US central bank.

India has raised import duties on gold and silver from 6 percent to 15 percent as part of efforts to restrict purchases of the metal from abroad and ease pressure on the country’s foreign exchange reserves.