Gold Holds Steady at $4,709 as US-Iran Peace Talks Stall

Gold had been on a four-week winning streak before last week's 2.5% drop snapped that run. Now, with peace talks between the United States and Iran at a standstill, the metal is holding steady. Spot gold sat at $4,709.50 per ounce Monday, while U.S. gold futures for June delivery slipped 0.3% to $4,725.10. Iran reportedly submitted a new proposal through Pakistani mediators on reopening the Strait of Hormuz and ending the two-month war, but Trump cancelled a weekend visit by two U.S. envoys to Pakistan. Analysts say Wednesday's Federal Reserve interest rate decision is now the key event to watch. Senior market analyst Kyle Rodda of Capital.com warned the Fed could either support gold or increase pressure on it, depending on whether it signals rates will stay unchanged due to energy-driven inflation. Meanwhile, silver fell 0.1% to $76.61, platinum gained 0.2% to $2,015.63, and palladium dropped 0.6% to $1,487.73.