Gold drops more than 3%, touching $4,113 per ounce during trading

Gold prices fell by more than 3% during Monday’s trading session, weighed down by a stronger US dollar, rising US Treasury yields, and growing expectations that interest rates will remain elevated for longer.

Spot gold dropped to around $4,140 per ounce, after touching $4,113 during trading.

The precious metal faced pressure as oil prices rose and inflation concerns resurfaced, bolstering expectations of tighter monetary policy and reducing gold’s appeal as a non-yielding asset.