Gold prices edged lower on Monday as traders weighed a plunge in crude oil following President Trump's cancellation of planned massive strikes on Iran, even as Tehran denied any ongoing peace talks and refused to cede control of the Strait of Hormuz. Front-month Comex gold for September delivery slipped $16.00, or 0.39%, to $4,046.40 per troy ounce, while September silver ticked up $0.039, or 0.07%, to $57.825. The U.S.-Iran conflict, now in its sixth month, saw Trump late Saturday call off what he described as the biggest attacks since World War II, claiming that Iran and other Middle Eastern countries had asked for a pause and that the perimeters of a deal including the immediate reopening of the Strait of Hormuz had been agreed, with fresh talks set to begin Monday. However, Iran's Mehr news agency reported that Iran was in no talks with the U.S., prompting Trump to accuse Tehran of duplicity and assert U.S. control over the strait. The U.S. dollar index rose 0.08% to $99.99, while CME Group's FedWatch Tool showed a 66.50% chance of a quarter-point rate hike at the Federal Reserve's September 15-16 meeting.