Gold slips on stronger dollar, oil; Trump's decision on Iran ceasefire in focus

Gold inched lower on Monday, pressured by a stronger dollar and rising oil prices, as investors awaited U.S. President Donald Trump's decision on ​a proposed deal to extend the ceasefire with Iran.

Spot ‌gold was down 0.2% at $4,527.36 per ounce, as of 0156 GMT, after rising to a two-week high in the previous session. U.S. gold futures fell 0.8% to $4,558.10.

The ​dollar rose, making greenback-priced bullion more expensive for holders of other ​currencies.

U.S. President Donald Trump said on Friday he would ⁠soon decide on a proposed deal to extend the ceasefire with Iran, though ​the two countries still appeared to differ on significant issues that have been ​central to the conflict.

Israeli Prime Minister Benjamin Netanyahu has ordered troops to move further into Lebanon in the battle against the Iranian-backed Hezbollah militant group, he said on ​Sunday, despite a ceasefire announced more than six weeks ago.

Oil prices ​rose more than 2% in early trading on Monday, stoking inflation concerns.

Federal Reserve Vice ‌Chair ⁠for Supervision Michelle Bowman said on Friday the Middle East war's impact on the economy, while still being measured, could lead to persistent rises in inflation that might require tighter monetary policy.

Federal Reserve Bank of Philadelphia President ​Anna Paulson said ​on Friday "mildly restrictive" ⁠monetary policy is "well positioned" for an uncertain outlook where inflation pressures remain too high.

Gold demand in India remained subdued ​last week due to higher prices and import duties, ​while premiums ⁠in top consumer China narrowed amid cautious sentiment.

Gold speculators raised net long positions by 2,544 contracts to 96,931 in the week to May 26.

Spot ⁠silver ​rose 0.4% to $75.54 per ounce, platinum gained ​1% to $1,935.65, and palladium rose 1.3% to $1,371.24.