Gold prices fell by more than 3% on Monday, extending their decline to a near four-month low. 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 2 today, fell by more than 10% last week. U.S. gold futures for April delivery dropped 5% to $4,347.
At the same time, market expectations for a Federal Reserve interest rate hike this year have risen. Interest rate futures currently estimate a 27% probability of a rate increase by December.
Regarding other precious metals, spot silver fell 3.3% to $65.55 per ounce. Spot platinum decreased by 4.4% to $1,838.45, while palladium edged down 0.4% to $1,398.50.
