* Gold slips after gaining for last two sessions

* Iran reviewing U.S. proposal to end the Gulf war

* Brent oil prices climb back above $100 a barrel

* Markets see no chances of Fed rate cut this year

(Updates prices to Asia mid-session trading)

By Noel John

March 26 (Reuters) - Gold prices fell on Thursday after

two consecutive sessions of gains, as investors awaited clearer

signs of progress in Middle East de-escalation efforts, the

outcome of which could shape the global financial and monetary

policy landscape.

Spot gold fell 1% to $4,476.51 per ounce by 0555 GMT.

U.S. gold futures for April delivery lost 2.1% to

$4,457.

U.S. President ​Donald Trump said Iran was desperate to make

a deal to end nearly four weeks of fighting, contradicting the

Iranian foreign minister who said his country was reviewing a

U.S. proposal but had ​no intention of holding talks to wind

down the conflict.

"In the next 24 to 48 hours, (gold prices) will just be

about reacting to headlines about negotiations," said Kyle

Rodda, a senior financial market analyst at Capital.com.

"The really big moves will happen probably at the start of

next week when it becomes clearer whether the U.S. launches a

ground invasion in Iran over the weekend."

Trump has vowed to hit Iran harder if Tehran fails to accept

that the country has been "defeated militarily", White House

press secretary Karoline Leavitt said on Wednesday.

Brent crude futures climbed back above $100 a barrel

on concerns that protracted fighting in the Middle East will

further disrupt energy flows.

Since the start of the U.S.-Israeli war on Iran, Tehran has

attacked nations that host U.S. bases and effectively closed the

Strait of Hormuz, which handles a fifth of the world's oil and

liquefied natural gas.

Higher crude prices tend to fuel inflation by pushing up

transport and manufacturing costs. Although rising inflation

typically boosts gold's appeal as a hedge, high interest rates

weigh on demand for the non-yielding asset.

Markets now see almost no chances of a Federal Reserve rate

cut this year, according to CME Group's FedWatch Tool. Before

the conflict, markets were expecting at least two cuts.

Spot silver fell 1.9% to $69.90 per ounce. Spot

platinum was down 1.4% at $1,893.60, while palladium

dropped 2% to $1,394.83.

(Reporting by Noel John in Bengaluru; Editing by Rashmi Aich,

Sumana Nandy and Subhranshu Sahu)