Gold Prices Plummet Amid Inflation Fears and Fed Rate Hike Expectations

Gold prices experienced a decline on Monday due to concerns about inflation and potential interest rate hikes by the US Federal Reserve. The spot gold price dropped by 0.5% to $4,327.09 per ounce at 05:28 GMT. This marks the third consecutive weekly decline in gold prices.

US gold futures also fell by 0.9% to $4,367.50. Other precious metals such as silver, platinum, and palladium saw similar declines. Spot silver slid 1% to $63.80 per ounce, while platinum dipped 0.2% to $1,792.59 and palladium fell 0.4% to $1,293.86.