Gold Prices Plunge Amid Rising Oil Costs and Inflation Fears

Prices for gold and other precious metals have declined due to heightened inflation concerns triggered by rising oil prices. As a result, investors expect further interest-rate hikes from the Federal Reserve.

The spot price of gold has dropped 2.1% to $4,198.10 per ounce as of Monday at 03:57 GMT. US gold futures have also fallen 2.1% to $4,231.00. This comes after a recent report on September 11 showed the spot price was traded at $4,318.88/oz.

Others metals such as silver, platinum, and palladium have also seen their prices decline by 3.4%, 2.7%, and 2.8% respectively. This represents a significant drop in value for these precious metals on the market.