Gold Tumbles Below $4,300 as Crude Oil Prices Surge and Inflation Concerns Grow

Gold prices have fallen below $4,300 an ounce after a surge in crude oil prices and renewed inflation concerns weighed on the precious metal. The price drop comes as investors await the Federal Reserve's policy decision later this week.

The latest US inflation data showed consumer prices rose 0.4 percent in August, following a 0.1 percent increase in July, while annual inflation stood at 3.4 percent.

Crude oil prices surged to four-month highs on Monday after Saudi Arabia shut its key East-West pipeline following drone attacks, adding to concerns that higher energy costs could keep global inflation elevated.