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Gold prices moved in a narrow range on Monday as the dollar fluctuated amid some hopes for de-escalation between the US and Iran, with markets anticipating a Federal Reserve meeting later this week.
The precious metal received some support after a sharp decline last week, as a report over the weekend showed that Iran had offered the US a new proposal that includes the resumption of the Strait of Hormuz.
Spot gold remained at $4,711.0 per ounce, while gold futures fell 0.3% to $4,725.94 per ounce by 10:01 (06:01 GMT).
Other precious metals also remained virtually unchanged on Monday, with spot silver remaining at $75.6975 per ounce and spot platinum rising 0.5% to $2,023.54 per ounce.
US-Iran talks stall, Tehran offers to open the Strait of Hormuz - report
Plans for further talks between the US and Iran were derailed over the weekend after Iranian officials left Pakistan, while Washington canceled plans to send a delegation to Islamabad.
Trump said that Tehran could call if it wanted to talk, and reiterated his position that Iran cannot have nuclear weapons - which is called the main motivator of the war.
But the Axios report raised some hopes for de-escalation, saying that Iran had passed on a new proposal to the U.S. to reopen the Strait of Hormuz and end the war.
A key point of the proposal was to postpone discussions on Iran's nuclear activities until later, a point that could face resistance from Washington.
Tensions between the U.S. and Iran largely persisted on Monday, with the maritime blockade against Iran remaining in place, while Tehran continued to keep the Strait of Hormuz mostly closed.
The closure of the Strait of Hormuz has sharply raised oil prices, sparking concerns about persistent global inflation and tighter central bank policies. The dollar has strengthened in this backdrop, while non-yielding assets such as gold have struggled.
Markets are awaiting the Fed's meeting for new signals
Attention this week is fully focused on the Federal Reserve meeting, where the central bank is expected to leave interest rates unchanged. Attention will be focused on the Fed's economic outlook amid increased uncertainty due to the war with Iran.
This week's meeting is expected to be the last under the leadership of Fed Chairman Jerome Powell, whose term ends on May 15.
Kevin Warsh, Trump's candidate to replace Powell, stated last week in Congress that he had not made any commitments to lower interest rates. Warsh was also considered a less dovish choice than markets had anticipated.
His confirmation as Fed chairman is now expected to continue after Republican Senator Tom Tillis dropped his objections. This comes after the Justice Department ended a criminal investigation into Powell, an inquiry that was widely criticized for attempting to force the central bank to cut rates.