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An employee places gold bars in the Kazakhstan's National Bank vault in Almaty, Kazakhstan, September 30, 2016. REUTERS/Mariya Gordeyeva/File Photo Purchase Licensing Rights, opens new tab

  • Summary

  • Gold set to break three sessions of losses

  • US and Iran conclude high-level talks in Switzerland

  • Oil prices ease as Iran says progress made in peace talks

  • Traders see 89% chance of ​US rate hike in December

June 22 (Reuters) - Gold ‌on Monday rebounded from a more than one-week low hit in the last session, as oil prices fell after Iran cited progress in U.S.-Iran peace talks, though bets of higher interest rates after hawkish U.S. Federal Reserve ​signals weighed on the metal's outlook.

Spot gold was up 0.9% at $4,197.41 per ounce, ​as of 0238 GMT, after falling to its lowest level since June ⁠11 on Friday. U.S. gold futures for August delivery fell 0.7% to $4,215.90.

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The first round of talks ​between high-ranking U.S. and Iranian officials in Switzerland ended Monday, with an Iranian foreign ministry ​spokesperson saying good progress has been made, according to Iran's Press TV.

A joint statement from mediating nations Qatar and Pakistan said the U.S. and Iran agreed to a roadmap toward a final deal within 60 days.

"The ​current situation in Switzerland is quite different from a few hours ago when the ​two sides were squabbling, but now it seems they're making some progress," said Edward Meir, an analyst at ‌Marex.

"We're ⁠going to be trading on geopolitical guidelines for a little while longer but the situation is fluid so perhaps best to watch the action from the sidelines for now," Meir added.

Brent crude futures fell over 1% after the announcement. Elevated oil prices stoke inflation concerns ​and raise expectations of ​higher interest rates. Gold ⁠tends to lose appeal when rates are high, as it does not yield interest.

Meanwhile, Federal Reserve Chair Kevin Warsh's emphasis on inflation in ​last week's press conference, without any more-nuanced commentary about what might ​clear the bar ⁠for a rate hike, led investors to conclude an increase was coming soon.

Nine of the Fed's 19 policymakers believe they will need to raise the policy rate this year.

Traders see an 89% chance of ⁠a rate ​hike in December, from 61% before the Fed's meeting, ​according to the CME FedWatch Tool. FEDWATCH

Spot silver rose 1.8% to $66.10 per ounce, platinum gained 0.2% to $1,667.97, and palladium ​was up 1% at $1,270.41.

Reporting by Noel John in Bengaluru; Editing by Rashmi Aich and Sonia Cheema

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