Ammon News - Gold prices held largely steady on ‌Monday, as investors stayed on the sidelines awaiting clarity on stalled peace talks between the United States and Iran.

Spot gold was up 0.1% at $4,714.51 per ounce, as of 0728 GMT. Last week, ​the metal fell 2.5% to snap a four-week winning streak.

U.S. gold futures ​for June delivery slipped 0.2% to $4,729.40.

"We're just sort of watching now ⁠whether there's progress in the (U.S.-Iran) talks at all in the coming days and that's ​going to be the biggest driver for gold," said Kyle Rodda, a senior financial ​market analyst at Capital.com.

The dollar eased, supporting bullion, after a report said that Iran through Pakistani mediators gave the U.S. a new proposal on reopening the Strait of Hormuz and ending the war.

U.S. President ​Donald Trump said on Sunday that Iran could telephone if it wants to negotiate ​an end to their two-month war and stressed it can never have a nuclear weapon.

Trump cancelled a ‌trip by ⁠two U.S. envoys to Iran war mediator Pakistan on Saturday, dealing a setback to peace prospects.

Oil prices rose as the stalled talks prolonged the disruption of Middle East energy exports.

Higher crude oil prices can stoke inflation by raising transportation and production ​costs, increasing the likelihood ​of higher interest ⁠rates.

Spot silver rose 0.1% to $75.75 per ounce, platinum gained 0.8% to $2,026.85, while palladium was down 0.4% at $1,490.60.

Reuters