(RTTNews) - Gold prices were little changed on Monday while the U.S. dollar index wobbled amid stalled U.S.-Iran peace talks and ahead of a slew of central bank meetings this week, with Jerome Powell holding his last press conference as Federal Reserve Chair on Wednesday.
Spot gold slipped 0.1 percent to $4,703.92 an ounce while U.S. gold futures were down half a percent at $4,718.34.
U.S. President Donald Trump on Sunday scrapped the U.S. negotiating delegation's trip to Pakistan at the last minute, adding that Iran can reach out to the U.S. if it wants to negotiate an end to the conflict, which has now entered its ninth week.
Tehran rejected direct talks with the U.S. under pressure, with Iranian President Masoud Pezeshkian reiterating that the country will not engage in "imposed negotiations under threats or blockade."
As talks between the United States and Iran enter a new phase of uncertainty, media reports suggest that Iran has proposed reopening the Strait of Hormuz and ending the war while postponing nuclear negotiations to a later stage.
Trump is expected to hold a Situation Room meeting with his top national security and foreign policy team later today to discuss potential next steps.
As Middle East supply tightens, analysts at Goldman Sachs have raised their forecast for Brent crude to $90 per barrel for the fourth quarter.
In economic news, the U.S. Federal Reserve is scheduled to hold its policy meeting on April 28-29, with rates likely to stay unchanged for the third straight time.
A string of decisions by other central banks, including from the European Central Bank, the Bank of Japan and the Bank of England are also due this week, with investors awaiting important clues regarding how rates could move in coming months.
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