PRECIOUS-Gold eases as focus turns to key central bank meetings

* Brent crude oil prices hit a three-week high

* US Federal Reserve meeting due later this week

* Trump says Iran can phone if it wants to talk (Updates for U.S. morning session)

By Ishaan Arora

April 27 (Reuters) - Gold eased on Monday as a lack of diplomatic progress to end the Iran war kept oil prices and inflation concerns high, with focus turning to key central bank meetings this week for updates on the economic fallout of the conflict.

Spot gold was down 0.2% at $4,698.27 per ounce at 9:28 a.m. EDT (1328 GMT). U.S. gold futures for June delivery were down 0.4% to $4,722.60.

"Geopolitical tensions are still running, not high, but they're still there. With inflation expectations running high, on extended oil prices, high levels of price volatility have probably frightened off some of the Western investors," said independent analyst Ross Norman.

Efforts to bridge differences between Washington and Tehran have not halted, Pakistani mediation sources said, despite the lack of face-to-face diplomacy after U.S. President Donald Trump called off a trip by his envoys and said Iran should call when it wants a deal.

Brent oil climbed above $105 per barrel to a three-week high as the Strait of Hormuz - normally a route for about one-fifth of the world's energy shipments - remained largely shut, squeezing global oil supplies.

The U.S.-Israel war on Iran has sent oil prices soaring, fuelling inflation fears and raising concerns that interest rates could remain elevated for longer. While gold is seen as an inflation hedge, high interest rates reduce the appeal of the non-yielding asset.

Investors are also watching a run of major central bank meetings this week for signals on how policymakers assess the war's impact on the global economy and the path for rates.

U.S. Federal Reserve officials will gather in Washington for what could be Jerome Powell's last meeting as Fed chair. The central bank will release its policy statement at 2 p.m. EDT (1800 GMT) on Wednesday, followed by Powell's news conference.

Spot silver fell 0.3% to $75.42 per ounce, platinum fell 1.2% to $1,986.85, and palladium was down 1.5% at $1,473.61. (Reporting by Ishaan Arora in Bengaluru. Editing by Mark Potter)