Gold was largely steady on Wednesday, as investors awaited U.S. Federal Reserve Chair Jerome Powell's comments to gauge the impact of the Iran war on the economy as peace talks stall.

Spot gold was down 0.1% at $4,590.80 per ounce, as of 0611 GMT, after falling to its lowest level since April 2 in the previous session.

U.S. gold futures for June delivery fell 0.1% to $4,604. Investors expect the Fed to hold interest rates steady at the end of its two-day meeting later in the day, as war-driven energy shocks reignite already-elevated inflation.