09:06 AM EDT, 05/04/2026 (MT Newswires) -- Gold traded lower early Monday as the dollar and yields rose, but the precious metal remains within the tight range it has stuck within for the past month.

Gold for June delivery was last seen down $70.00 to US$4,575.50 per ounce.

The metal has traded within a US$200 range since over the past month, as the war on Iran prompts safe-haven buying, even as the higher oil price that followed the start of the war on Iran is hiking inflation. This is raising concerns higher interest rates are on the way, which is bearish for the metal since it pays no interest.

"Gold remains supported by safe-haven demand as investors continue to watch the Middle East conflict, oil prices, and the yen. Any durable easing in the Strait of Hormuz would likely cool demand for defensive assets, but until shipping flows normalise, gold should remain sensitive to geopolitical headlines and shifts in real yields," Saxo Bank noted.

The dollar rose early, with the ICE dollar index last seen 0.17 points to 98.33. Treasury yields also rose, with the U.S. two-year note last seen paying 3.925%, up 3.3 basis points, while the yield on the 10-year note as up 2.8 points to 4.407%