Gold prices edged higher on Tuesday, supported by optimism over further US-Iran peace talks, while the dollar hovered near its lowest level in more than a month.

June gold futures rose 0.45%, or $21.20, to $4,788.60 per ounce.

Spot gold gained 0.55% to $4,766.83 per ounce, while silver advanced 1.65% to $76.85 per ounce.

The US dollar index held steady at 98.38 as of 09:27 am Makkah time.

Silver futures for May climbed 1.8% to $77 per ounce. Spot platinum and palladium rose about 0.55% each to $2,085.3 per ounce and $1,585.5 per ounce, respectively.

Markets are awaiting US producer price index data later today, with expectations of accelerating input cost inflation that could complicate the Federal Reserve’s path toward rate cuts.