Gold prices plummeted by over 2% on Monday as rising oil prices and inflation concerns fueled expectations of further Federal Reserve interest rate hikes.
Spot gold fell to $4,198.10 per ounce, a decline of 2.1%, while US gold futures dropped 2.1% to $4,231.00.
Other precious metals also suffered losses, with spot silver down 3.4% at $62.08 per ounce and platinum declining by 2.7% to $1,730.78.
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