May 4 (Reuters) - Gold prices edged lower on Monday, weighed down by inflation concerns that overshadowed the outlook for U.S. monetary policy, while markets awaited developments in U.S.-Iran peace talks.

Spot gold fell 0.3 percent to $4,599.45 an ounce by 01:14 GMT. U.S. gold futures for June delivery declined 0.7 percent to $4,611.40.

US President Donald Trump said that Washington would begin efforts on Monday morning to free ships stuck in the Strait of Hormuz as part of a "humanitarian gesture" aimed at helping neutral countries in the war being waged by the United States and Israel against Iran.

Iranian state media reported that Washington responded to the 14-point Iranian proposal through Pakistan, and that Tehran is now studying it.

Oil prices have fallen but remain above $100 a barrel amid uncertainty over a possible peace deal between the United States and Iran.

Higher oil prices may encourage central banks to keep interest rates high for longer, which will put pressure on non-yielding assets such as gold, as investors prefer to turn to alternative options such as Treasury bond yields that offer better returns.

Last week, the Federal Reserve (the US central bank) kept interest rates unchanged and adopted a hawkish tone that prompted markets to abandon any hopes of an interest rate cut this year.

As for other precious metals, silver rose 0.1 percent to $75.38 an ounce in spot trading, platinum gained 0.2 percent to $1,991.85, while palladium fell 0.3 percent to $1,519.66.