Doha: Gold prices stabilized on Thursday as investors awaited clearer signs of progress in efforts to de-escalate the conflict in the Middle East, while remaining cautious ahead of new geopolitical developments that could impact safe-haven assets demand. Spot gold was trading at $4,503.29 per ounce, while US gold futures for April delivery fell 1.2% to $4,500.

According to Qatar News Agency, gold came under further pressure as crude oil prices surpassed $100 a barrel, as investors reassessed the prospects for easing tensions in the Middle East. The shift in crude oil prices has brought about a cautious sentiment among investors, who are closely monitoring the situation for any changes that could affect the demand for gold as a safe-haven asset.

As for other precious metals, silver fell 0.1% in spot trading to $71.19 an ounce, platinum dropped 0.7% to $1,906.90, and palladium fell 1.4% to $1,404. These movements in the precious metals market reflect the broader uncertainties and investor strategies as they navigate the complex geopolitical landscape.