Gold prices held steady on Wednesday after four consecutive sessions of gains, as an interim U.S.-Iran peace agreement eased some concerns about energy-driven inflation, while investors awaited the outcome of the Federal Reserve’s policy meeting later in the day.

Spot gold edged down 0.1% to $4,327.56 an ounce by 03:14 ET (07:14 GMT), while U.S. Gold Futures ticked 0.2% lower to $4,347.26.

The precious metal advanced in the last four sessions after rebounding from recent multi-month lows near $4,000/oz.

Sentiment was supported by optimism surrounding a U.S.-Iran accord aimed at ending hostilities in the Middle East.

The agreement, which includes provisions allowing Iran to resume oil exports and extends a ceasefire while negotiations continue, has helped push crude prices sharply lower and eased fears of a renewed inflation shock.

Lower energy prices have prompted investors to scale back expectations for tighter monetary policy, a positive development for non-yielding bullion.

Gold has benefited from the resulting decline in the U.S. dollar, with the US Dollar Index hovering near a 10-day low.

The market’s focus is now squarely on the Federal Reserve’s first policy announcement under Chair Kevin Warsh.

The central bank is widely expected to keep interest rates unchanged, but investors will closely scrutinize updated economic projections and the so-called "dot plot" for clues on the future path of policy.

Markets are particularly sensitive to any signal on whether policymakers still see scope for easing later this year.

A hawkish tone from the Fed could lift Treasury yields and the dollar, potentially capping gold’s recent rally.

Underlying demand for gold also remains robust. A recent World Gold Council survey showed that 45% of central bank reserve managers expect to increase their gold holdings over the next year, underscoring continued interest in the metal as a portfolio diversifier and geopolitical hedge.

Among other precious metals, silver prices rose 0.5% to $70.34 per ounce, while platinum fell 1.1% to $1,788.72/oz.

Benchmark Copper Futures on the London Metal Exchange edged up 0.3% to $13,833.33 a ton, while U.S.Copper Futures rose 1% to $6.54 a pound.