Gold defends bids near $4,700 amid US-Iran peace hopes

Gold defends its bid tone near the $4,700 mark in the European session on Monday, lacking bullish follow-through buying. Reports suggest that Iran gave the ‌US a new proposal ​on ​reopening the Strait of ​Hormuz and ​ending the war, with ​nuclear negotiations ​postponed for a ‌later stage. This revives hopes for US-Iran peace talks and undermines the US Dollar's reserve currency status, which is seen as acting as a tailwind for the commodity.