02:00 PM EDT, 05/04/2026 (MT Newswires) -- (Updates prices.)

Gold traded lower midafternoon Monday as the dollar and yields rose, forcing the precious metal below the tight range it has stuck within for the past month.

Gold for June delivery was last seen down US$112.20 to US$4,533.20 per ounce, the lowest since March 27.

The war on Iran has prompted some safe-haven demand for the metal, even as the higher oil prices 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, with the ICE dollar index last seen up 0.2.9 points to 98.45. Treasury yields were sharply higher, with the U.S. two-year note last seen paying 3.975%, up 8.3 basis points, while the yield on the 10-year note as up 7.0 points to 4.449%