Ammon News - Gold prices eased on Tuesday as investors ‌waited to see whether the U.S. and Iran would consider attending peace talks after renewed tensions over the weekend, while a marginally firmer dollar added to the pressure.

Spot gold was down 0.5% at $4,795.51 per ​ounce, as of 0418 GMT, extending its fall from Monday when it hit its ​lowest level since April 13. U.S. gold futures for June delivery fell ⁠0.3% to $4,814.

The U.S. dollar edged up on Tuesday, making greenback-denominated commodities more expensive for holders ​of other currencies.

Iran is considering attending peace talks with the United States in Pakistan, a ​senior Iranian official told Reuters on Monday, following moves by Islamabad to end a U.S. blockade of Iran's ports, a significant obstacle to Tehran rejoining peace efforts as the end of a ​two-week ceasefire approaches.

Oil ⁠prices fell as investors reassessed supply risks on expectations that the peace talks will take place this week and allow more supply to ​flow from the key Middle East producing region.

Higher crude prices can ​stoke inflation by ⁠raising transportation and production costs. While gold is considered an inflation hedge, high interest rates make yield-bearing assets more attractive, weighing on its appeal.

Gold prices have fallen about 8% since the ⁠U.S. ​and Israel launched strikes on Iran in late ​February.

Among other metals, spot silver fell 1.2% to $78.93 per ounce, platinum lost 0.7% to $2,074.06, while palladium was up ​0.2% at $1,553.97.

Reuters