Spot gold declined 1.3% to US$4,035.82 per ounce on Monday, while gold futures fell 1.1% to US$4,049.92 per ounce, as easing Middle East tensions and persistent expectations of higher interest rates reduced demand for the non-yielding metal. Reports indicated that the United States and Iran had agreed to suspend their recent exchanges of fire in the Strait of Hormuz, though Iran has not yet formally confirmed the agreement according to The New York Times citing a U.S. official. A stronger U.S. dollar also pressured gold, with markets now looking ahead to a busy week of U.S. economic releases including the monthly employment report for further clues on monetary policy.