Gold Falls More Than 3% On US Rate Hike Expectations
London: Gold prices fell more than 3 percent on Monday to their lowest level in more than seven weeks, as rising oil prices fueled inflation concerns and increased expectations that US interest rates will remain high.
Spot gold fell 3.3 percent to $4,146.51 per ounce after hitting its lowest level since August 5.
US gold futures also fell 3.3 percent to $4,178.40 per ounce.
Among other precious metals, spot silver fell 4.7 percent to $61.27 per ounce, platinum declined 2.9 percent to $1,726.30, and palladium dropped 4.4 percent to $1,211.45.
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