Gold prices fell sharply on Monday, September 28, reaching their lowest level in more than seven weeks as rising oil prices increased concerns about inflation and interest rates.
According to Reuters, spot gold was down about 3% to $4,156.45 per ounce at 0814 GMT, while US gold futures for December delivery fell about 3.1% to $4,188.80.
The decline came as higher oil prices strengthened expectations that inflation could remain elevated, potentially keeping interest rates higher for longer.
Gold is closely watched by investors as both a financial asset and a traditional store of value, meaning movements in interest rates, inflation expectations and global uncertainty can influence its price.
The latest decline represents a significant change from gold’s recent strength in international markets.