Muscat: Gold prices held steady at the start of Asian trading today as investors awaited a high-stakes US-China Summit in Beijing while monitoring developments in the Middle East conflict: Spot gold remained virtually unchanged at $4,713.39 per ounce. US gold futures for June delivery rose 0.7 percent to $4,721.80 per ounce.

According to Oman News Agency, US consumer prices rose sharply in April for a second straight month, recording the largest annual inflation increase in nearly three years. This reinforced expectations that the Federal Reserve will keep interest rates unchanged for an extended period.

The US Senate on Tuesday confirmed Kevin Warsh as a member of the Federal Reserve Board of Governors for a 14-year term, marking a significant step toward his eventual role as the next chair, succeeding Jerome Powell.

In an economic move, India has raised customs duties on gold and silver imports from 6 percent to 15 percent. This decision aims to curb overseas purchases and ease pressure on the country's foreign exchange reserves.

In other precious metals news, spot silver rose 1.0 percent to $87.40 per ounce. Platinum edged down 0.1 percent to $2,124.70 per ounce, while palladium gained 0.4 percent to $1,497.00 per ounce.