Gold fell on Monday as investors weighed the impact of the ongoing Israel-Iran conflict, while also focusing on the Group of Seven (G7) leaders meeting and the U.S. Federal Reserve policy decision later this week.

Gold is shining as Treasurys remain under pressure — but it’s probably too soon to write off U.S. debt as a safe-haven asset.

As Israel’s airstrikes on Iran’s nuclear facilities were met with Iran's retaliatory missile attacks, investors rushed to defensive assets, sending gold prices surging toward record highs.