Doha: Gold prices fell more than 1% on Monday as the dollar strengthened, while uncertainty surrounding negotiations between the United States and Iran pushed oil prices higher and reignited inflation fears. Spot gold fell 1.4% to $4,762.09 per ounce, after hitting its lowest level since April 13 earlier in the session. US gold futures for June delivery also declined 2% to $4,781.90.

According to Qatar News Agency, the dollar index rose, making dollar-denominated gold more expensive for holders of other currencies. This contributed to the decline in gold prices as investors sought to adjust their portfolios. The rising value of the dollar typically makes gold less attractive as an investment option for those using other currencies.

As for other precious metals, spot silver fell 1.7% to $79.42 per ounce, platinum dropped 0.8% to $2,086, and palladium declined 0.8% to $1,547.10. These declines in precious metal prices reflect broader market trends influenced by currency fluctuations and geopolitical factors affecting global markets.