Doha: Gold prices nudged lower in thin trade on Monday, weighed down by inflation worries that clouded the US monetary policy outlook, while markets awaited developments in US-Iran peace negotiations: Spot gold was down 0.3% at $4,599.45 per ounce. US gold futures for June delivery fell 0.7% to $4,611.40.

According to Qatar News Agency, gold prices experienced a dip amidst ongoing concerns over inflation, which has been influencing the outlook on US monetary policy. The market is also keenly watching for any progress in the peace negotiations between the US and Iran, which could further impact gold prices.

Other precious metals showed mixed results. Spot silver saw a slight increase of 0.1%, rising to $75.38 per ounce. Platinum also experienced a modest increase of 0.2%, reaching $1,991.85 per ounce. However, palladium faced a decline, dropping 0.3% to $1,519.66.