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[Fragile US-Iran ceasefire coupled with uncertainty surrounding Fed signals sends gold prices below $4,500] 1. Gold prices edged lower on Wednesday, with spot gold briefly falling below $4,500 and currently trading around $4,488 per ounce, a drop of about 0.4%. Investors are closely watching the still fragile ceasefire between the US and Iran, while awaiting comments from Federal Reserve officials for clues about the direction of monetary policy. 2. Ilya Spivak, global macro director at Tastylive, said the overall trend remains downward, but the market is in a prolonged consolidation phase, as reflected in today's price action. He noted that the market is increasingly focused on whether a genuine breakthrough can be achieved between the US and Iran. 3. Iran accused the US on Tuesday of launching attacks near the Strait of Hormuz, a move that violates the existing ceasefire agreement and could further complicate diplomatic efforts to end the war. Meanwhile, US Secretary of State Rubio stated that reaching an agreement to cease hostilities could still take "a few more days." Both sides had previously indicated progress in drafting a preliminary agreement to end hostilities and restore shipping across the Strait. 4. Investors are also awaiting comments from Federal Reserve Vice Chairman Jefferson, Governor Cook, and other policymakers to assess the impact of inflation on future monetary policy stances. Furthermore, the US April Personal Consumption Expenditures (PCE) data, scheduled for release on Thursday, is also closely watched, with the market hoping for further policy clues. 5. Spivak added that inflation risks and bond market movements have a significant impact on market sentiment, to the point that investors' attention has shifted away from gold's own returns. He warned that if the current trend continues, gold prices could fall to "around $3700 to $3800" by the end of the year.