Gold Prices Slump Amid Inflation Concerns and Rate Hike Fears

Gold prices eased in early Asian trading on Monday as inflation concerns and rising interest rates weighed on investor sentiment.

The latest tensions in the Middle East, including a Yemeni attack on Saudi Arabia's capital Riyadh, added to worries about global economic stability.

Spot gold fell 0.2% to $4,368.33 per ounce, while US gold futures for December delivery were down 0.4% at $4,406.70.

The Bank of Japan became the latest major central bank to raise interest rates on Friday, following hikes by the Federal Reserve and European Central Bank earlier in the week.