Spot gold was unchanged ‌at $4,688.16 per ounce

Gold prices held largely steady near a one-week high on Thursday as investors remained on the sidelines awaiting further ‌details on a potential Iran-U.S. peace deal.

Spot gold was unchanged ‌at $4,688.16 per ounce, as of 0059 GMT, after adding nearly 3 per cent on Wednesday to its ​highest level since April 27.

U.S. gold futures for June delivery rose 0.1 per cent to $4,696.60.

Iran said on Wednesday it was reviewing a U.S. peace proposal that sources said would formally end the war while leaving unresolved an U.S. ‌demand that Iran reopen the Strait of Hormuz.

Stock markets soared to new records, dollar and oil prices declined on ⁠Wednesday after a report that Iran and the U.S. are closing in on an agreement to end their war.

Elsewhere, U.S. private payrolls rose more ​than expected in April, the ADP’s ​national employment report showed on Wednesday.

‌Investors now await the monthly U.S. employment report, due on Friday, which will serve as a test of whether the country’s economy remains resilient enough to keep the central bank’s monetary policy on hold, or whether a softening labour market could revive the case for rate cuts.

Central bank officials said ‌on Wednesday the ongoing U.S. war with ​Iran is raising the risk of a sustained ​inflation shock, with continued high ​oil prices and developing concerns about problems with global ‌supply chains.

SPDR Gold Trust, the world’s ​largest gold-backed exchange-traded ​fund, said its holdings dropped 0.2 per cent to 942.50 metric tons on Tuesday.