Oil Prices Push Gold to Lowest Level in Over a Month

Gold prices plummeted on Monday to their lowest in over a month due to rising oil costs and Treasury yields, which have increased expectations of a Federal Reserve rate hike this week.

The SPDR Gold Shares ETF (GLD) saw its value decline as investors weigh the potential benefits of higher interest rates against the safety of gold as a haven asset during times of geopolitical uncertainty.

Gold futures fell in response to surging energy prices, which have bolstered expectations that the Federal Reserve will raise interest rates this week. This has overshadowed the safe-haven demand typically generated by escalating tensions and uncertainty.