Gold Prices Tumble Amid Inflation Worries and Rate Hike Fears

Singapore's gold market saw gold prices slip on Monday as rising oil prices fueled concerns about inflation and raised expectations of a potential rate hike by the US Federal Reserve this week.

The spot price of gold fell 0.5% to $4,327.80 an ounce, marking its third consecutive weekly decline after Friday's closing. The December delivery of US gold futures also dropped around 1% to $4,368.60 an ounce.

Silver prices suffered alongside gold, with spot silver decreasing by 1.1% to $63.75 an ounce. Platinum and palladium also declined, dropping 0.8% to $1,782.50 and 0.7% to $1,290.36 respectively.