Gold held firm above $4,600 an ounce on Monday as investors assessed President Donald Trump’s plan to escort ships through the Strait of Hormuz alongside signs of progress in US–Iran peace talks. The initiative is designed to help civilian vessels flagged in non-aligned countries exit the contested waterway and resume operations. At the same time, Iran said it is reviewing Washington’s response to its latest 14-point proposal, boosting optimism for a diplomatic resolution to the conflict. Now in its tenth week, the Middle East war has driven energy prices sharply higher and heightened inflation risks, stoking concerns that central banks may keep interest rates elevated for longer or even tighten further. Gold remains down about 12% since the conflict began. Meanwhile, data from the World Gold Council showed that central banks increased their gold reserves in the first quarter.