09:07 AM EDT, 06/30/2025 (MT Newswires) -- Gold traded higher early on Monday as the U.S. dollar continues to weaken.

Gold for August delivery was last seen up US$10.90 to US$3,298.50 per ounce.

The metal rose to a record US$3,452 per ounce on June 13 as Israel and Iran traded attacks, pushing investors to the metal as a safe haven. A ceasefire reached by the two following U.S. strike on Iranian nuclear facilities cut into the risk premium and sent the price of the precious metal down by 4.8% as traders took profits and turned to riskier equities.

Still, a weaker dollar is supporting commodities priced in the currency. The ICE dollar index touched a year-low 96.97 earlier on Monday and was last seen down 0.11 points to 97.3. The index has lost 11% since the start of the year.

"Gold trades higher after finding support ahead of USD 3,245 and following a ... correction last week as Middle East tensions eased, and strong risk sentiment across global equity markets extended a ten-week period of consolidation. Focus on Trump's fiscal debt-swelling tax bill, trade talks, and their impacts on the US dollar and Treasury yields," Saxo Bank noted.

Treasury yields eased, with the U.S. two-year note last seen paying 3.744%, down 0.4 basis points, while the yield on the 10-year note was down 1.6 points to 4.269%,