Ammon News - Gold prices inched lower on Wednesday after hitting a one-month high earlier ‌in the session, as the dollar regained some ground and prospects of another round of peace talks between the United States and Iran lifted risk appetite.

Spot gold was down 0.3% at $4,828.07 per ounce, as of ​0249 GMT, after hitting its highest since March 18 earlier. U.S. gold futures for ​June delivery were steady at $4,851.30.

The U.S. dollar rebounded from its lowest level in ⁠more than a month, making the greenback-denominated commodities, such as bullion, more expensive for ​holders of other currencies.

Oil prices fell while stocks surged on hopes that Iran will resume talks ​with the U.S. to end the conflict that has shut the Strait of Hormuz, one of the world's major waterways for transporting crude and refined products.

Despite a slight pullback, gold prices are up 1.6% this week on renewed hopes of U.S.-Iran peace ‌talks.

Talks to end the Iran war could resume in Pakistan over the next two days, U.S. President Donald Trump said on Tuesday, after the collapse of ​weekend negotiations prompted Washington ​to impose a blockade ⁠on Iranian ports.

Adding to the uncertainty, the U.S. military said late on Tuesday that American forces have completely halted economic trade going into and ​out of Iran by sea through a blockade.

Among other metals, spot silver rose 0.8% to $80.15 per ounce, platinum gained 1.1% to $2,126.14, while palladium ​was down 0.1% at $1,585.60.

Reuters