Gold prices edged higher on Thursday after a steep decline triggered by a hawkish Federal Reserve stance. Spot gold rose 0.3 percent to $4,268.61 an ounce, recovering slightly from a 1.7 percent drop on Wednesday, while U.S. gold futures fell more than 2 percent to $4,285.70. The Fed held its benchmark rate steady but Chair Kevin Warsh emphasized price stability, signaling a hawkish pivot. Easing geopolitical tensions also influenced markets, as reports indicated U.S. President Donald Trump and his Iranian counterpart remotely signed a preliminary agreement to end the 110-day conflict, including the immediate termination of military operations and the reopening of the Strait of Hormuz. Brent crude futures fell toward $78 a barrel on prospects for the strait's swift reopening.