Recasts for US market open

By Anjana Anil

June 4 (Reuters) - Gold prices gained more than 1% on Thursday as oil prices slipped on optimism over a potential end to the Iran conflict, which pressured the dollar and caused bond yields to fall.

Spot gold XAU= was up 1.7% at $4,505.35 per ounce as of 9:05 a.m. EDT (1305 GMT).

U.S. gold futures GCcv1 for August delivery gained 1.5% to $4,532.80.

Reports of a ceasefire deal between Israel and Lebanon have pressured the dollar and bond yields, helping gold hold just above the important 200-day moving average, independent metals trader Tai Wong said.

Israel and Lebanon said late on Wednesday they had agreed to implement a ceasefire, raising hopes for a deal between Washington and Tehran. Oil prices fell more than 3% on the news, amid hopes of a reopening of the Strait of Hormuz. O/R

The dollar eased 0.3%, making greenback-priced bullion more affordable for holders of other currencies, while lower yields on U.S. Treasuries, including the 10-year note, boosted gold's attractiveness. USD/US/

"Record highs for gold this year seem increasingly unlikely unless we get a clean, lasting ceasefire with Iran that opens Hormuz, allowing energy prices to drop and markets to stop worrying about potentially higher rates," Wong said.

Gold, a traditional safe-haven asset, hit a record high of $5,594.82 per ounce on January 29. It has lost 16% since the beginning of the Iran conflict in late February. Elevated interest rates weigh on non-yielding bullion.

Investors are now turning their attention to the release on Friday of the U.S. employment report for May. The data could shed some light on the health of the labor market, which could help guide the Federal Reserve's future monetary policy path.

Spot silver XAG= rose 3.1% to $74.96 per ounce, platinum XPT= gained 1.9% to $1,895.29, and palladium XPD= added 1.6% to $1,322.01.