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The Economic Times
The Economic Times
Business

Gold tumbles 4% to seven-week low as oil, dollar and yields climb

Gold Oil United States Inflation Monetary Policy silver

Gold prices fell 4% on Monday to its lowest level in more than seven weeks as rising oil prices fuelled inflation concerns and strengthened expectations of tighter monetary policy. A firmer dollar and higher Treasury yields added further pressure, according to a Reuters report.

Spot gold was down 3.5% at $4,136.81 an ounce as of 1:30 p.m. ET (1730 GMT), after touching $4,110.55—its lowest level since August 5. US gold futures settled 3.5% lower at $4,168.40.

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