Gold prices have stabilized above 5,000 dollars per ounce amid geopolitical tensions and inflation concerns driven by rising energy costs. The precious metal has gained about 16 percent since the beginning of this year. Demand in China remains strong, with Chinese investors adding more than 17 billion yuan (equivalent to 2.5 billion dollars) to gold exchange traded funds since the Lunar New Year holiday.

Donald Trump postponed his meeting with Xi Jinping by about 1 to 2 months due to the US involvement in the Iran war. While the delay introduces some uncertainty in relations, it gives China more time to reassess its position amid Middle East tensions. Officials say the pause is unlikely to have a major impact on the overall economic relationship.

Australia's central bank raised its interest rate for the second consecutive month in an unexpected move, increasing it to 4.1 percent by a 5 to 4 vote. The decision was driven by intensifying inflationary pressures resulting from rising energy costs due to the Iran war. The Reserve Bank warned that inflation may remain above its 2 to 3 percent target range for longer than previously anticipated, with some economists forecasting the country's inflation rate could reach 5 percent.

The Federal Reserve's interest rate determination meeting will be held tonight, with rates expected to remain steady at 3.75%. This will be Mr. Powell's last meeting. The session will also include new economic forecasts, and due to the oil price shock, Mr. Powell will face a wave of questions regarding the weak February employment report and the oil price shock. Powell is likely to emphasize a wait-and-see approach.