Gold prices steady as dollar drifts amid Iran jitters, Fed anticipation

Gold prices moved in a tight range on Monday as the dollar dithered amid some hopes for a U.S.-Iran de-escalation, and as markets awaited a Federal Reserve meeting later this week.

Bullion saw some bids after logging a sharp drop last week, as a report over the weekend showed Iran offering a new proposal to the U.S. that involves the reopening of the Strait of Hormuz.

Spot gold was flat at $4,711.0 an ounce, while gold futures fell 0.3% to $4,725.94/oz by 02:01 ET (06:01 GMT).

Other precious metals also moved little on Monday, with spot silver flat at $75.6975/oz, while spot platinum rose 0.5% to $2,023.54/oz.