Gold Prices Plummet on US Rate Hike Expectations and Rising Oil Costs

Gold prices plummeted over 3% on Monday to their lowest level in more than seven weeks, as rising oil prices and expectations of sustained US interest rates sparked inflation concerns.

The spot gold price fell to $4,146.51 per ounce, its lowest since August 5, while US gold futures declined by the same margin to $4,178.40 per ounce.

Oilver and palladium also suffered losses, with silver dropping 4.7% to $61.27 per ounce and palladium falling 4.4% to $1,211.45 per ounce.