West Brom returned to the second automatic promotion spot despite being held at home by Wolves.
Gera missed a late penalty to break the deadlock at The Hawthorns
In a tempestuous encounter with stubborn opponents, Tony Mowbray's side maintained their unbeaten home record.
They had an opportunity to close the gap on leaders Watford to three points but Zoltan Gera saw Wayne Hennessey save his 84th-minute penalty.
Filipe Teixeira hit a post, while Wolves came close to scoring through Jody Craddock and Seyi Olofinjana.
West Brom boss Tony Mowbray:
"I don't criticise them (the players) for missing penalties. The keeper has made a decent save.
"I thought we did enough to win. It was a good game. The first half was particularly fluent, it was very much two styles of play really.
"A team probing for openings against a counter-attacking team getting men behind the ball and breaking well."
Wolves boss Mick McCarthy:
"I'm pleased in two ways. Pleased that we have got a point from it and I'm more pleased at the way we played.
"It was a solid, mature performance. It's a difficult place to play.
"But we matched them. They had a great spell in the first half but we had b the better of it in the second half."
West Brom: Kiely, Hoefkens, Barnett, Cesar, Robinson, Gera, Koren, Greening, Brunt (Beattie 68), Miller (Bednar 82), Filipe Teixeira (MacDonald 76).
Subs Not Used: Steele, Pele.
Booked: Filipe Teixeira.
Wolverhampton: Hennessey, Foley, Darren Ward, Craddock, Collins, Kightly (Eastwood 61), Henry, Olofinjana, Gibson, Stephen Ward, Bothroyd (Elliott 64).
Subs Not Used: Stack, Potter, Gray.
Ref: Chris Foy (Merseyside).