Gold prices were stable on Wednesday, trading around $4,841.76 per ounce, after reaching a one-week high earlier in the session. U.S. gold futures for June delivery rose 0.3% to $4,866.50. Investors are closely monitoring ongoing peace talks between the U.S. and Iran, which could impact market dynamics significantly. The broader market sentiment appears to be risk-on, with oil prices falling and stocks gaining, fueled by hopes for resumed negotiations to end the conflict affecting the Strait of Hormuz. Meanwhile, the U.S. dollar remains near a one-month low, making gold more affordable for international buyers. Additionally, traders are now estimating a 30% chance of a 25-basis-point U.S. rate cut this year, a rise from 13% last week, reflecting changing economic expectations amid the ongoing conflict. The SPDR Gold Trust reported a 0.5% decrease in its holdings to 954.48 tonnes.