To update prices and add analyst comments

June 4 (Reuters) - Gold prices rose on Thursday, supported by lower crude oil prices and a weaker dollar, as investors assessed the prospects for a resolution to the U.S.-Israeli standoff with Iran.

Spot gold rose 0.8 percent to $ 4,468.84 an ounce by 05:59 GMT. U.S. gold futures for August delivery gained 0.7 percent to $ 4,495.70 .

The dollar has weakened, making gold, which is priced in dollars, less expensive for holders of other currencies.

Tim Waterr, senior market analyst at KCM Trade, said, "Gold's gains remain largely dependent on the movements of oil and the dollar. It only rises when they fall, making the precious metal highly reliant on positive news between the US and Iran to gain any sustained momentum."

The administration of US President Donald Trump announced on Wednesday that Israel and Lebanon had agreed to implement a ceasefire aimed at ending hostilities between them, boosting hopes for a broader agreement to end the conflict with Iran.

The Republican-controlled U.S. House of Representatives on Wednesday approved a resolution to prevent Trump from continuing the war against Iran, reflecting growing concern among members of his party about the three-month-old conflict.

Oil prices fell on Thursday after a ceasefire between Lebanon and Israel raised hopes for a peace agreement between the United States and Iran.

Higher oil prices can accelerate inflation and keep interest rates high for longer. While gold is seen as a hedge against inflation, rising interest rates tend to negatively impact the non-yielding asset.

New York Federal Reserve President John Williams dismissed the notion that the risks of rising inflation stemming from the war in the Middle East would be long-lasting, and reiterated that there was no need at present to change U.S. monetary policy.

Matt Simpson, senior analyst at StoneX, said, "I don't think we're going to see the end of the uptrend, but obviously this is a time of volatility in general. So, I expect choppy trading towards the end of the year, with a slight upside bias to around $5,000."

As for other precious metals, silver rose 0.6 percent to $ 73.13 an ounce in spot trading, platinum gained 0.9 percent to $ 1,875.70 , and palladium climbed 0.3 percent to $ 1,306 .