Gold prices rise amid US-Iran talks

Gold prices rose on June 22 as investors followed the progress of US-Iranian talks in Switzerland, assessing the outlook for US monetary policy following the Federal Reserve's tough signals last week, Report informs referring to trading data.

Spot gold rose 0.8% to $4,194.83 per ounce, while US gold futures rose 0.9% to $4,211.66. Last week, the metal fell 1.4%, ending three consecutive sessions in the red.

The precious metal received support after Iranian officials reported progress in talks with the US, helping ease fears of prolonged disruptions to global energy supplies and putting pressure on oil prices.

Lower oil prices helped ease inflation fears, supporting gold by tempering expectations that rising energy prices may force the Federal Reserve to move into a more aggressive tightening cycle.

Among other precious metals, silver rose 1.6% to $66.03 per ounce, while platinum rose 0.3% to $1,671.60 per ounce.