Commodities
US Inflation Fears Send Gold Prices Tumbling
Gold prices fell by 0.5% on Monday to $4,327.09 per ounce as oil prices surged, stoking inflation concerns and boosting expectations that the US Federal Reserve may raise interest rates at its policy meeting this week.
The decline in gold prices comes after a third consecutive weekly decrease on Friday, with spot silver slipping 1% to $63.80 per ounce, platinum dipping 0.2% to $1,792.59, and palladium falling 0.4% to $1,293.86.
The move in gold prices is seen as a response to the increasing inflation concerns, which are driving expectations of a potential interest rate hike by the Federal Reserve.