Gold prices rose more ​than 1% on Monday, supported by a weaker ⁠dollar and easing oil prices, as investors weighed prospects of a breakthrough in U.S.-Iran peace negotiations.Spot gold was up 1.1% at $4,560.09 ‌per ounce, as of 0219 GMT. U.S. gold futures for June delivery gained 0.9% to $4,562.10.The dollar ‌weakened, making greenback-priced bullion more affordable for holders of ‌other ⁠currencies.“Trump has been raising market hopes for ⁠some sort of deal with Iran, which could lead to the reopening of the Strait of Hormuz. That prospect has weighed on oil ​prices and, by extension, given ‌gold a welcome lift from an inflation perspective,” said Tim Waterer, chief market analyst at KCM Trade.U.S. President Donald Trump said on Sunday he had instructed his ‌representatives not to rush into any deal with ​Iran, as his administration played down expectations of an imminent breakthrough in the three-month-old war.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 both countries remained at odds over key issues.Oil prices influence inflation expectations. Elevated crude can fuel inflation and keep ‌interest rates higher for longer. While gold is seen as an ​inflation hedge, higher rates tend to weigh on the non-yielding metal.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 linked to the Iran war fuel inflation ‌and erode consumer sentiment.Spot silver climbed 3.1% to $77.81 per ounce, platinum rose 2.1% to $1,963.30, and palladium was up ​2.4% at $1,381.82.Published on May 25, 2026