Spot gold lost 1.2 percent to $1,934.61 per ounce and US gold futures also shed one percent at $1,935.

Spot silver also fell by 1.7 percent to $25.08 per ounce and platinum collapsed by 0.8 percent to $994.19.

OANDA's senior analyst Jeffrey Halley said: "Gold is falling after its rally stalled on Friday and the US dollar strengthened this morning in Asia."

The news comes after the US dollar strengthened and Treasury yields held firm against multi-month highs.

The Russian central bank has also reportedly fixed its price of 5,000 roubles ($52) per gram between March 28 and June 30.

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However, this is said to be below the current market value of around $68.

The US Treasury announced last week it had banned all gold transactions with Russia's central bank.

The Treasury website revealed: "US persons are prohibited from engaging in any transaction - including gold-related transactions - involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation or the Ministry of Finance of the Russian Federation."

It also follows on from reports that Russia could drop some of its previous demands in peace talks between Moscow and Kyiv.

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However, the Kremlin continues to call on Kyiv to drop any hopes of joining NATO.

Mr Zelensky said: "Security guarantees and neutrality, non-nuclear status of our state.

"We are ready to go for it. This is the most important point."