Gold futures were falling on a stronger dollar, slipping 0.4% to $3,371.10 a troy ounce, despite initially climbing as high as $3,414.80/oz earlier in the session.

The precious metal has uncharacteristically failed to capitalize on safe-haven demand after the U.S. joined Israel in striking Iran's nuclear facilities over the weekend.

Markets are having a muted reaction to the weekend attacks and appear to be waiting to see what Iran will do next, Peak Trading analysts said in a note.