Gold price witnessed a monthly decline in the month of May even though gold rate rose more than 1 per cent to $4,593. Gold rate was up after there was some positive news from U.S and Iran conflict. However, inflation concerns ⁠and ⁠expectations of higher interest rates weighed on gold prices. U.S. gold futures for August delivery settled 1.3 per cent higher at $4,593. Spot silver was flat at $75.62 per ounce and was headed for monthly gain, while platinum lost 0.3 per cent to $1,917.65. Palladium fell 1.1 per cent to $1,352.24, and was down more than 11 per cent for the month.U.S. President Donald Trump said he would decide over a potential deal with Iran to extend their ceasefire that ​would need to include opening the Strait of Hormuz ⁠and dismantling Tehran's ‌capacity to make a nuclear weapon.Gold bounced from a ​key technical support ​level, while optimism over the ceasefire extension pushed oil prices ⁠and the dollar lower - both supportive for bullion, said Phillip Streible, ​chief market strategist at Blue Line Futures.Still, the "higher-for-longer" interest-rate theme remains intact, Streible said, as disruptions to shipping and energy infrastructure could keep oil prices elevated and the Federal Reserve cautious.Data showed U.S. inflation rose at its ‌fastest pace in three years in April, driven by higher energy prices linked to the Iran war, reinforcing expectations the Fed will ​keep rates unchanged well ​into next year.Higher ⁠interest rates increase the opportunity cost of holding non-yielding gold. Spot gold was down more than 1 per cent for the month.