Gold prices are declining as investors wait for more information on possible negotiations between the US and Iran after increased tensions over the weekend.
According to Al Jazeera, spot gold (XAU) fell by 0.5% to $4,795.51 per ounce as of 04:18 a.m. GMT, extending losses after hitting its lowest level since April 13 in the previous session. US gold futures for June delivery (GC.1) also dropped by 0.3% to $4,814, The Caspian Post reports.
Additional pressure on the market came from a modest strengthening of the US dollar. A firmer dollar makes commodities priced in the currency more expensive for holders of other currencies, reducing demand.
Since the start of military operations by the US and Israel against Iran, gold prices have fallen by around 8%.