Gold ends flat despite ongoing Middle East turmoil

Gold bars

Gold prices closed little changed on Wednesday, as military exchanges between Israel and Iran entered a sixth consecutive day, with the United States maintaining an ambiguous stance on joining the conflict in support of Tel Aviv.

August gold futures settled flat at $3,408.1 per ounce.

The market showed limited reaction to remarks made earlier in the day by US President Donald Trump, who claimed that Iran had reached out to request negotiations at the White House over its military confrontation with Israel.

However, the Iranian government swiftly denied the statement, insisting it had never sought talks and would not negotiate under pressure.

Trump said the United States had run out of patience with Tehran, urging Israeli Prime Minister Benjamin Netanyahu to continue his military campaign, while stopping short of clarifying whether Washington would enter the war.

Meanwhile, the Federal Reserve held interest rates steady in the 4.25%-4.50% range, as widely expected, and reiterated its forecast for two rate cuts later this year.