Gold Falls to One-Month Low as Rates Rise and Energy Costs Surge

Gold futures fell 0.51% to $4,329.80 after touching a one-month low of $4,253 on Monday.

The 10-year Treasury yield hit 5.041%, its highest level since 2007, raising gold's opportunity cost.

Global gold-backed ETFs took in $18 billion in August, pushing holdings up to an all-time high of 4,189 tonnes and total assets to $615 billion.

The forecast rests on the thesis that the $4,234 to $4,275 floor is where official and ETF demand meets the rates trade.