Ammon News - Gold prices dropped from a three-week high on Tuesday, as ‌hopes for a peace deal between the United States and Iran dimmed, lifting the dollar and heightening concerns around inflation ahead of key U.S. inflation data.

Spot gold fell 0.8% at $4,697.97 per ounce by 0750 ​GMT, after climbing to its highest since April 21 in early Asia ​trade.

U.S. gold futures for June delivery lost 0.5% to $4,704.70.

U.S. President Donald Trump ⁠said a ceasefire with Iran was "on life support" as Tehran rejected a U.S. proposal ​to end the conflict and stuck to a list of demands that Trump described ​as "garbage".

Meanwhile, oil prices rose, and the dollar extended gains from the previous session.

Spot silver fell 2.2% at $84.18 per ounce, platinum slid 3.1% to $2,064.83, and palladium was down 1.7% ​at $1,483.


Reuters