WASHINGTON (dpa-AFX) - Gold prices dipped on Monday as markets reacted to the rising geopolitical tensions in the Middle East. Fresh Hormuz tensions attributed to conflicting reports of Iranian attack on U.S. warships lifted crude oil prices, the safe haven dollar and dragged down prices of the yellow metal.
The spike in geopolitical tensions and a stronger dollar weighed on gold prices in Monday's trade. The Dollar Index which measures the strength of the dollar against a basket of six currencies is almost 0.25 percent higher in the day's trading. It is currently trading at 98.40 after ranging between 98.01 and 98.48.
Gold Futures for June settlement is currently trading at $4,573.69, plunging 1.5 percent from the previous close of $4,644.50. While the day's trading ranged between $4,536.40 and $4,644.40, the 52-week trading ranged between $3,123.30 and $5,626.80. Gold Futures had touched an all-time high of $5,626.80 on January 29.
The day's price movements have resulted in a weekly loss of 2.2 percent. Despite monthly losses of 2.3 percent, year-to-date gains exceed 4.2 percent. The yellow metal's price gain over the 3-year horizon now stands at more than 122 percent.
Spot Gold is currently trading 1.1 percent lower on an overnight basis at $4,565.01 per troy ounce. While the day's trading ranged between $4,526.34 and $4,637.90, the 52-week trading ranged between $3,120.52 and $5,595.46. Spot Gold had touched an all-time high of $5,595.46 on January 29.
At current prices, Gold Futures and Spot Gold have both gained more than 40 percent over the past year.
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