Gold rises on weaker dollar as investor weigh US-Iran peace deal prospects

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. US 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. US ​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.