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.

* 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.

* 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.

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

* 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. (Reporting ​by Pablo Sinha in Bengaluru; Editing by Subhranshu Sahu)