Gold prices continued their decline today, Monday, influenced by rising oil prices and increasing concerns about ongoing inflationary pressures, as markets await the U.S. Federal Reserve's meeting this week and what it may result in regarding interest rates.
Gold dropped by 0.3% in spot transactions, reaching $4,334.31 per ounce by 03:30 GMT, after ending last week with a third consecutive weekly loss. U.S. gold futures also fell by 0.8% to $4,375 per ounce.
This performance comes amid increasing bets among investors on tightening U.S. monetary policy, following economic data revealing a surge in inflation in the United States during August, as well as a key index for measuring core inflation recording its largest increase in four months.
In other precious metals, spot silver prices fell by 0.7% to $64.02 per ounce, while platinum remained stable at $1,796.90. Palladium recorded a relative stability at $1,298.80 per ounce.