Gold recouped early losses to trade largely steady, helped by a slightly softer dollar, while investors looked for progress on the stalled peace talks between the United States and Iran, reports Reuters.

Spot gold was steady at $4,707.75 per ounce, as of 0233 GMT, after shedding 0.8 per cent earlier in the session. Last week, the metal fell 2.5pc to snap a four-week winning streak.

US gold futures for June delivery fell 0.4pc to $4,720.50.

Lending support to bullion, the dollar eased after a report said that Iran through Pakistani mediators gave the US a new proposal on reopening the Strait of Hormuz and ending the war.

“We’re just sort of watching now whether there’s progress in the (US-Iran) talks at all in the coming days and that’s going to be the biggest driver for gold,” said Kyle Rodda, a senior financial market analyst at Capital.com.