Gold is stable as markets focus on a potential peace agreement between the US and Iran.

May 7 (Reuters) - Gold prices were generally steady near a one-week high on Thursday as investors remained cautious awaiting further details on a possible peace deal between the United States and Iran.

Spot gold was steady at $4,688.16 an ounce by 0059 GMT, after rising nearly 3 percent on Wednesday to its highest level since April 27.

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

Iran said on Wednesday it was considering a U.S. peace proposal that sources said would formally end the war, but would leave key U.S. demands related to Iran suspending its nuclear program and reopening the Strait of Hormuz unresolved.

As for other precious metals, silver fell 0.2 percent to $77.16 an ounce in spot trading, platinum rose 0.1 percent to $2,062.50, and palladium fell 0.3 percent to $1,533.25.




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