Gold prices declined by over 2% on Monday, deepening their fall to nearly a four-month low, as intensifying tensions in the Middle East heightened concerns over inflation and reinforced expectations of tighter global interest rates.
Spot gold dropped 2.5% to $4,372.86 per ounce as of 0238 GMT, marking its ninth straight session of losses. Earlier in the day, the metal touched its lowest level since January 2 and had already shed more than 10% over the previous week.
In the futures market, US gold contracts for April delivery slid 4.4% to $4,375.60.