Gold prices slipped below $4,500 an ounce on Wednesday as optimism surrounding a possible US-Iran peace agreement reduced safe-haven demand despite ongoing Middle East tensions. A firmer US dollar, with the dollar index holding above 99, also pressured bullion prices. Markets are now turning their attention toward key US economic releases, including April PCE inflation data and GDP figures, which could offer fresh clues on the Federal Reserve's interest rate outlook. Investors are additionally awaiting remarks from Federal Reserve officials Philip Jefferson and Lisa Cook for further guidance on inflation trends and future monetary policy decisions. Back home, MCX June gold futures declined 0.35% to ₹1,57,057 per 10 grams, while silver futures dropped nearly 1% to ₹2,68,295 per kilogram, tracking weakness in global precious metal markets.

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