09:28 AM EDT, 04/13/2026 (MT Newswires) -- Gold prices look set to be down for a second day, falling again early Monday as the dollar rose after weekend talks between the United States and Iran failed to reach a peace deal, leaving the Strait of Hormuz blocked and continuing the largest-ever oil supply shock.

Gold for May delivery was last seen down $51.90 to US$4,736.00 per ounce.

Talks between the U.S. and Iran ended without an agreement to end the war that has blocked the Strait of Hormuz and cut off the 20% of global daily oil demand supplied by Persian Gulf nations. The U.S. plans to blockade Iran's ports following the collapse of the negotiations and block any ships transiting the Strait that have paid a toll to Iran, continuing to keep oil from the market.

Oil prices have climbed by nearly half since the Feb. 28 start to the war, pushing up inflation in the U.S. and elsewhere, ending hopes for lower U.S. interest rates. The U.S. last week reported its Consumer Price Index surged by 3.3% annualized in March, up from 2.4% a month earlier.

The dollar was higher early, with the ICE dollar index last seen up 0.25 points to 98.90. Treasury yields were little changed, with the yield on the U.S. two-year note last seen unchanged at 3.81%, while the 10-year note was paying 4.33%, down 1.0 points.