‌Gold edged higher on Thursday, with investors assessing a tenuous ceasefire between the U.S. and Iran as fighting ​in the Middle East continues, while looking ahead to key U.S. inflation data amid price pressures.

Spot ​gold edged ​0.3% higher to $4,728.18 per ounce, as of 0951 GMT, having hit its highest since March 19 on Wednesday. U.S. gold futures for June delivery fell 0.5% to $4,754.30.

"The weaker ⁠dollar is giving a bit of an uplift to gold at the moment but with fast news coming out of the Middle East, it does make markets a little bit un-tradeable from an investment perspective," said independent analyst Ross Norman.

The dollar held steady after ​sharp losses ‌in the last session ⁠as traders kept ⁠their eyes fixed on whether the ceasefire between the U.S. and Iran would hold.

Despite both sides declaring ​victory in a five-week-old war, key disputes remain unresolved, with ‌U.S. President Donald Trump warning of major escalation if Iran ⁠refuses a deal, while Israel killed more than 250 people in Lebanon, in its largestattack of the war yet.

Oil prices bounced back on concerns of continuing restrictions on energy flows through the Strait of Hormuz.

"Is (gold) eyeing the $5,000 level? Yeah, for sure. But I think that that's a little way off just now. We have to see if and how the Strait of Hormuz does indeed open up," Norman added.

Bullion has shed more than 11% since the war began on February 28, as surging oil prices ‌have drastically reduced expectations of U.S. interest rate cuts on heightened ⁠inflation concerns.

Minutes from the U.S. Federal Reserve's March meeting showed that ​more policymakers felt rate hikes could be needed to counter inflation that continues to exceed targets.

Investors now await Personal Consumption Expenditures (PCE) data for February, due at 1230 GMT, for more cues ​on U.S. monetary ‌policy trajectory.

Among other metals, spot silver fell 0.3% to $73.93 per ounce, ⁠platinum lost 0.5% to $2,019.05 and palladium edged ​up 0.1% to $1,556.91.

(Reporting by Ishaan Arora in Bengaluru; Editing by Maju Samuel)