Precious metals steady

GOLD prices were flat in Asia trade on Wednesday as investors held back from placing large bets aheadof the US Federal Reserve’s policy decision, while also keeping a close watch on the developments surrounding the Israel-Iran conflict. Spot gold was flat at $3,388.04 an ounce. US gold futures were mostly unchanged at $3,406.50. “Gold fluctuated as investors, tracked the escalation of risk in the Middle East. Tepid US reports on retail sales, housing and industrial output bolstered the case for the Fed to cut rates later this year,” analysts at ANZ said in a note. Iran and Israel launched new missile strikes at each other on Wednesday as the air war between the two longtime enemies entered a sixth day despite a call from US President Donald Trump for Iran’s unconditional surrender.