09:20 AM EDT, 03/26/2026 (MT Newswires) -- Gold futures fell early Thursday, retreating as oil prices rise along with the dollar and bond yields.

Gold for April delivery was last seen down $113.90 to US$4,471.60 per ounce.

The price of the precious metal is down 13% since the Feb. 28 start to the war on Iran. While normally seen as a store of value, traders have instead turned to the dollar and treasuries to hedge risk, as high oil prices threaten to reignite inflation and slow global economic growth.

"We have said numerous times that moves in the dollar and yields blunted gold's ability to react to this uncertainty, and also that the unique uncertainty presented by the war in Iran is clearly hedged in energy markets, reducing the need for a catch-all hedge like gold, which proved better-suited to more nebulous forms of uncertainty over the past year" Christopher Louney, Natural Gas and Gold Strategist at RBC Capital Markets wrote.

The dollar rose early, with the ICE dollar index last seen up 0.24 points to 99.83. Treasury yields continued to rise, with the U.S. two-year note last seen up 3.9 basis points to 3.039%, the highest since June 11, while the 10-year note was paying 4.37%, up 3.5 points.