Gold prices fell by more than 3% on Monday, continuing their decline to their lowest level in nearly four months. Spot gold dropped 3.3% to $4,340.09 per ounce, marking its ninth consecutive session of losses. The metal, which hit its lowest level since January 2nd today, fell by more than 10% last week.
U.S. gold futures for April delivery dropped 5% to $4,347. Meanwhile, market expectations that the Federal Reserve (the U.S. central bank) will raise interest rates this year have increased, with interest rate futures estimating a 27% probability of a rate hike by December.
In other precious metals, spot silver fell 3.3% to $65.55 per ounce. Spot platinum declined 4.4% to $1,838.45, while palladium fell 0.4% to $1,398.50.
