Gold fell on Monday as investors assessed the impact of the conflict between Israel and Iran, while focusing on the Group of Seven leaders meeting and the US Federal Reserve's decision on monetary policy later in the week.

Spot gold fell 0.5% to $3,415.36 per ounce at 08:54 GMT, after reaching the highest level since April 22 earlier in the session. US gold futures fell 0.5% to $3,434.50

“Geopolitical tensions will not go away in the short term and the central bank is expected to cut rates further, which should support the gold price,” said Giovanni Staunovo, analyst at UBS.

Gold is considered a safe haven in times of geopolitical and economic uncertainty. It also tends to thrive in a low interest rate environment.

This week, the focus will be on the US Federal Reserve's interest rate decision and Fed Chair Jerome Powell's comments expected on Wednesday. The Fed has maintained its key rate in the range of 4.25% to 4.50% since December

Elsewhere, cash rose 0.3% to $36.41 per ounce, platinum rose 1.2% to $1,242.85, while palladium gained 1.6% to $1,044.40, and palladium gained 1.6% to $1,044.40.