Triple Threat: Oil Prices, Rate Hikes Crush Gold

Gold prices are under triple pressure due to surging oil prices, a high probability of a Federal Reserve rate hike, and expectations that the Bank of Japan will raise rates on Friday.

The spot gold price has fluctuated lower during Asian trading hours on Monday, down 0.6% to around $4,320 per ounce.

Market expectations for a rate hike at the Federal Reserve's policy meeting this week have intensified inflation concerns, boosted by surging oil prices.

A chief market analyst noted that gold has not found favorable conditions due to rising energy prices and escalating rate expectations ahead of the Federal Reserve and Bank of Japan meetings.