Baku: Gold prices held steady today as investors adopted a cautious stance amid shifting geopolitical tides in the Middle East, following reports that US President Donald Trump signalled a potential near-term end to the conflict with Iran. Spot gold edged down 0.2 percent to $5,131.24 per ounce, stabilizing after a more pronounced decline in the prior session. Meanwhile, US gold futures for April delivery advanced 0.7 percent to $5,141.40 per ounce.

According to Oman News Agency, the US dollar softened 0.4 percent, lending support to bullion by making it less expensive for holders of other currencies. President Trump indicated yesterday that the war could conclude sooner than the initial four-week timeline previously outlined, offering a rare diplomatic aperture in a conflict that has roiled global energy markets.

The hostilities have forced the closure of the Strait of Hormuz: a strategic artery through which roughly one-fifth of the world's oil and liquefied natural gas flows, bringing tanker traffic to a standstill for over a week. The disruption has forced producers to halt output as storage capacity maxes out, sending energy prices higher.

Market focus now shifts to upcoming US economic data, with February's Consumer Price Index due tomorrow and the Personal Consumption Expenditures report-the Federal Reserve's preferred inflation gauge-set for release on Friday. Both figures will be scrutinized for clues on the central bank's monetary policy trajectory.

In other precious metals, spot silver gained 0.4 percent to $87.32 per ounce, while platinum eased 0.6 percent to $2,168.52. Palladium slipped 0.1 percent to $1,689.11.