Ammon News - Gold prices rose for a third consecutive session on ‌Thursday, supported by a softer dollar as hopes of a U.S.-Iran deal eased concerns over inflation and prolonged high interest rates.

Spot gold was up 0.4% at $4,707.52 per ounce, as of 0615 GMT, after rising ​about 3% on Wednesday to hit its highest point since April 27. U.S. gold ​futures for June delivery rose 0.5% to $4,716.

U.S. President Donald Trump predicted a swift ⁠end to the war with Iran as Tehran considered a U.S. peace proposal that ​sources said would formally end the conflict while leaving unresolved key U.S. demands that Iran suspend ​its nuclear programme and reopen the Strait of Hormuz.

"Gold is edging higher today, supported by a subdued dollar and retreating oil prices as the existing ceasefire holds albeit tentatively, and hopes grow for a more ​durable long-term agreement between Washington and Tehran," said Tim Waterer, chief market analyst at ​KCM Trade.

"Gains, however, remain limited as traders remain wary of how fragile this pause actually is."

The dollar hovered ‌near ⁠a more than three-month low hit in the previous session, making bullion less expensive for holders of other currencies.

Benchmark 10-year U.S. Treasury yields have eased 0.6% so far this week, lowering the opportunity cost of holding gold.

Brent crude oil prices are down about 6% so far ​this week as optimism ​grew about a ⁠possible end to the war in the Middle East.

Gold prices have fallen more than 10% since the war began in late February, pressured ​by higher oil prices. Elevated crude oil prices can stoke inflation, ​increasing the ⁠likelihood of higher interest rates. While gold is seen as an inflation hedge, high interest rates tend to weigh on the non-yielding asset.

Investors now await the monthly U.S. employment report on Friday to ⁠see ​if the U.S. economy remains resilient enough to keep ​the Federal Reserve's monetary policy on hold.

Spot silver rose 1% to $78.09 per ounce, platinum was down 0.1% at $2,059.60, and ​palladium gained 0.6% to $1,546.24.