Gold edged higher as investors assessed reports of a U.S.-Iran ceasefire deal amid growing concerns around inflation and US interest rate hikes, Reuters reports.

Spot gold rose 0.2 per cent to $4,499.56 per ounce by 0231 GMT, but was down about 0.2pc for the week so far. US gold futures inched 0.1pc lower to $4,529.80.