Gold price today: Spot gold was up 1.2 per cent at $4,208.58 per ounce. U.S. gold futures for August delivery fell 0.4 per cent to $4,226.90. Gold rate jumped on Monday after falling to its lowest level since June 11 on Friday. Spot silver rose 2.3 per cent to $66.41/ounce, platinum gained 0.9 per cent to $1,678.19, and palladium was up 1.3 per cent at $1,274.Gold is set to end a three-session losing streak, supported by a drop in ‌Brent crude oil prices ⁠on ⁠positive progress in U.S.-Iran talks, even as the Federal Reserve's hawkish stance kept investors on edge. Oil prices declined on the news, with Brent crude futures falling nearly 2 per cent."Gold may be benefiting from flows of hot money moving out of oil and back into gold," independent analyst Ross ​Norman said.High-ranking U.S. and Iranian officials wrapped up their first round ⁠of talks ‌in Switzerland on Monday, with an Iranian foreign ministry spokesperson saying ​good progress has ​been made, according to Iran's Press TV. The negotiations follow a memorandum ⁠reached last week to extend a fragile ceasefire agreed in April ​by at least 60 days.A spike in crude prices from the war has fueled inflation concerns and strengthened the case for higher interest rates, which typically dent gold's appeal as the metal does not offer yields. It is still too early to call a turnaround in gold, particularly with the Fed maintaining a hawkish outlook, said Norman.U.S. Federal Reserve Chair ‌Kevin Warsh struck a firm tone on inflation at last week's press conference, offering little clarity on what conditions might delay a rate hike. His ​remarks reinforced market ​expectations that interest rates ⁠could rise in the near term.Traders see an 89 per cent chance of a rate increase in December, from 61 per cent before the Fed's meeting, according to the CME FedWatch Tool."We retain an upside bias, ​but $5,200/oz in 2H26 now looks more dependent on renewed ETF buying and evidence that lower oil is feeding into the rate outlook," analysts at Morgan Stanley said in a note on Friday.Meanwhile, the British pound slipped after Prime Minister Keir Starmer said he would resign.