Gold hits four-month low on interest rate hike fears
Spot gold hit a four-month low as Middle East tensions shifted expectations toward rate hikes. Rising oil prices and Asian stock selloffs fueled the decline.
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Gold prices dropped significantly on Monday, falling more than 2% to reach their lowest level in nearly four months. The decline was driven by intensifying conflict in the Middle East, which has heightened concerns about inflation and prompted expectations of higher global interest rates. Spot gold was down 2.5% at $4,372.86 per ounce as of early Monday, marking its ninth consecutive session of losses.
