Gold Prices Plunge Over 2 Percent Amid Rising Oil Costs

Gold prices plummeted over 2 percent on Monday as rising oil costs heightened inflation concerns and reinforced expectations of further Federal Reserve interest-rate hikes, according to market data.

The spot price of gold fell by 2.1 percent to $4,198.10 per ounce as of 03:57 GMT, while US gold futures dropped by the same margin to $4,231.00.

Other precious metals also saw significant declines, with spot silver falling 3.4 percent to $62.08 per ounce, platinum down 2.7 percent at $1,730.78, and palladium losing 2.8 percent to $1,231.46.