02:00 PM EDT, 05/14/2025 (MT Newswires) -- (Updates prices.)

Gold traded at the lowest in a month mid-afternoon on Wednesday despite a weaker dollar as the price of the precious metal consolidates under its April record high as investors move to risk assets and safe haven demand retreats.

Gold for June delivery was last seen down US$59.60 to US$3,188.20 per ounce, the lowest since April 11. The metal hit a record high of US$3,425.30 on April 21.

The drop, the fourth in six sessions, comes as investors move to risk assets following U.S. trade deals with China and the United Kingdom. Safe-haven demand is also easing as Ukraine and Russia ready for ceasefire negotiations in Turkey on Thursday, while a military conflict between India and Pakistan ended with a weekend ceasefire agreement.

"A ceasefire between Pakistan and India, as well as intense focus on a Russia-Ukraine solution ... helped lower the geopolitical temperature, reducing the need for safe havens," wrote Ole Hansen, the head of commodity strategy at Saxo Bank.

The dollar was lower, usually a support for gold prices. The ICE dollar index was last seen down 0.06 points to 100.95. Treasury yields moved up, with the U.S. two-year note last seen paying 4.049%, up 3.4 basis points, while the yield on the 10-year note was up 5.0 points to 4.523%.