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US Fed signals slower easing

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Platinum up more than 1%

(Adds comments, updates for Asia morning session)

By Brijesh Patel and Anmol Choubey

June 19 (Reuters) - Gold prices gained on Thursday, as

rising tensions in the Middle East buoyed demand for the

safe-haven asset, although the U.S. Federal Reserve's cautious

stance on future rate cuts kept gains in check.

Spot gold was up 0.2% at $3,376.48 an ounce, as of

0215 GMT. U.S. gold futures eased 0.4% to $3,393.70.

"Gold has made a modest bounce as we await the next steps in

the Israel-Iran conflict. If the U.S. does decide to get

directly involved in the conflict this could raise the

geopolitical stakes," KCM Trade Chief Market Analyst Tim Waterer

said.

Geopolitical tensions remained heightened as U.S. President

Donald Trump on Wednesday refrained from confirming whether the

U.S. would join Israel's bombardment of Iranian nuclear and

missile sites, prompting residents of Tehran to leave the city

amid ongoing air strikes.

The U.S. military has moved some aircraft and ships from

bases in the Middle East that may be vulnerable to any potential

Iranian attack, two U.S. officials told Reuters on Wednesday.

Gold is often used as a safe store of value during times of

geopolitical and financial uncertainty.

The Fed held interest rates steady on Wednesday. Fed

policymakers still forecast slashing rates by half-a-percentage

point this year, but they slowed the pace of future cuts.

However, Fed Chair Jerome Powell cautioned against putting

too much weight on this outlook, warning of "meaningful"

inflation ahead as higher import tariffs loom.

"The Fed was not as dovish as some had hoped, and I'd argue

Powell was a tad more hawkish than many would like. The U.S.

dollar is likely at oversold levels, and that is likely to cap

gains on gold over the next few weeks," said Matt Simpson, a

senior analyst at City Index.

Elsewhere, spot silver eased 0.2% to $36.66 per

ounce, platinum rose 1.5% to $1,342.36, while palladium

gained 0.6% to $1,055.18.