Gold prices dipped on Monday as markets reacted to the rising geopolitical tensions in the Middle East. Fresh Hormuz tensions attributed to conflicting reports of Iranian attack on U.S. warships lifted crude oil prices, the safe haven dollar and dragged down prices of the yellow metal.
The spike in geopolitical tensions and a stronger dollar weighed on gold prices in Monday's trade. The Dollar Index which measures the strength of the dollar against a basket of six currencies is almost 0.25 percent higher in the day's trading. It is currently trading at 98.40 after ranging between 98.01 and 98.48.
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Market Analysis
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.