Gold prices drop over 1% as oil rises and inflation fears grow
Gold fell more than 1% on Monday, pressured by rising oil prices and mounting inflation concerns.
Key Takeaways
AIGold prices fell by more than 1% in Monday trading, as growing inflation concerns and higher oil prices fueled market expectations that the US Federal Reserve may raise interest rates again.
According to market data, spot gold dropped 1.5% to $4,223.95 per ounce by 01:17 GMT. US gold futures also declined by the same margin, settling at $4,257.90 per ounce.
Other precious metals also decline
Spot silver prices fell 2.6% to $62.64 per ounce. Platinum dropped 2.1% to $1,741.45, while palladium slipped 2.1% to $1,239.95 per ounce.
Rising oil prices have heightened investor concerns about persistent inflation, prompting some to reassess their outlook on US monetary policy.