Gold prices were steady on Thursday as investors remained cautious about the fragile US-Iran ceasefire, with a key US inflation report due later in the day also in focus for interest rate clues.
Spot gold was little changed at $4,715.45 per ounce, as of 0716 GMT. US gold futures for June delivery fell 0.8% to $4,739.40.
"It doesn't seem like gold is looking to do much at this moment. I think there's still a lot of speculation on what's going to happen after the ceasefire," said GoldSilver Central Managing Director Brian Lan.
Lan said he expected gold to consolidate between $4,607 and $4,860 in the near term.
US President Donald Trump vowed to retain military assets in the Middle East until a peace deal with Iran is reached and warned of a major escalation in fighting if it failed to comply, said Reuters.
On Wednesday, Israel pounded Lebanon with its heaviest strikes yet, killing hundreds of people and drawing a threat of retaliation from Iran.
Oil prices rose on Thursday on concerns that supply from the key Middle East producing region may not fully resume amid doubts that the two-week ceasefire will hold.
Spot gold has declined more than 10% since the war began on February 28, as higher energy prices fueled inflation concerns and prompted markets to reassess interest rate-cut expectations, reducing non-yielding bullion's appeal.
Minutes from the Federal Reserve's March 17 to 18 meeting showed that more policymakers felt rate hikes could be needed to counter inflation that continued to exceed the central bank's 2% target.
US Personal Consumption Expenditures data for February, due at 1230 GMT later in the day, and March consumer price data on Friday could give further clues on the Fed's policy path.
"Beyond near-term liquidity needs, we expect gold to continue to rebuild its gains in the coming months amid heightened geopolitical risk," Standard Chartered said in a note on Wednesday.
Among other metals, spot silver fell 0.3% to $73.93 per ounce, platinum lost 1.2% to $2,005.71 and palladium edged up 0.3% to $1,558.68.
