Gold Prices Plummet Amid Rising Oil Costs and Higher Dollar

Gold prices hit their lowest level in over seven weeks on Monday, falling by 3.3% to $4,146.51 per ounce.

This decline comes amid rising oil prices and a higher US dollar, which have stoked inflation concerns.

US gold futures also fell by 3.3% to $4,178.40, while spot silver dropped 4.7% to $61.27 per ounce.

According to Sherif Othman, CEO of the Maryland-based Poise Investment Advisors, investors who had turned to gold will see a hit due to higher interest rates and inflation rates.

Othman explained that 'gold does not yield interest, so when Treasury yields go up, investors turn away from gold, impacting its value.'