Gold prices continued to weaken on Monday, extending the decline seen in the previous session as investors grappled with growing expectations of higher US interest rates. At the same time, escalating tensions in the Gulf region pushed crude oil prices higher, adding to concerns that inflationary pressures could remain elevated.
By 0124 GMT, spot gold was down 0.2% at $4,321.49 per ounce. The precious metal had already fallen around 3% on Friday, touching its lowest level since March 24 after stronger-than-expected US employment data reinforced expectations of further monetary tightening. US gold futures for August delivery slipped 0.5% to $4,345.60 per ounce.
