Gold rises on weaker dollar as investor weigh US-Iran peace deal prospects

SEATTLE (Scrap Monster): Gold prices rose more than 1% on Monday, supported by a weaker dollar and lower oil ‌prices, as investors weighed prospects of a breakthrough in U.S.-Iran ‌peace negotiations.

FUNDAMENTALS

* Spot gold rose 1.4% to $4,570.88 per ounce by 0045 GMT. U.S. gold ​futures for June delivery gained 1.1% to $4,572.90.

* The dollar fell, making greenback-priced bullion more affordable for holders of other currencies. [USD/]

* U.S. President Donald Trump said on Sunday he had told his representatives not to ‌rush into any deal ⁠with Iran, as his administration played down hopes of an imminent breakthrough in the three-month-old war that had ⁠been raised a day earlier.

* A day earlier, Trump said Washington and Iran had "largely negotiated" a memorandum of understanding on a peace deal ​that would ​reopen the Strait of Hormuz.

* ​Oil prices hit two-week lows ‌on Monday on optimism that the U.S. and Iran were moving closer towards a peace deal even though they remained at odds over key issues. [O/R]

* Kevin Warsh was sworn in as chair of the U.S. Federal Reserve on Friday at a pivotal moment for an ‌American economy where surging gasoline prices ​due to the Iran war are pushing ​up inflation and eroding ​consumer sentiment.

* Gold kept trading at a steep discount ‌in India last week, as ​price volatility dampened ​demand, while premiums eased in China. [GOL/AS]

* Gold speculators cut net long position by 6,239 contracts to 94,388 in the week to ​May 19. [CFTC/]

* Spot ‌silver climbed 3.9% to $78.42 per ounce, platinum rose 1.9% to $1,959.85, ​and palladium was up 1.9% at $1,373.25.

Courtesy: www.sg.finance.yahoo.com