Oil Prices Spark Gold Price Plunge Amid Inflation Concerns

Gold prices took a hit on Monday, falling by more than one percent due to rising oil prices that fueled inflation concerns. This surge in oil prices led investors to believe that the Federal Reserve may raise interest rates again.

The spot gold price dropped 1.5% to $4,223.95 per ounce, while US gold futures fell 1.5% to $4,257.90 per ounce by 01:17 GMT, according to Reuters.

Other precious metals also saw significant declines, with spot silver falling 2.6% to $62.64 per ounce, platinum down 2.1% to $1,741.45, and palladium dropping 2.1% to $1,239.95.