Gold falls as stronger dollar weighs

Gold futures for April delivery fell 0.28%, or $14.4, to $5,144.3 per ounce

Gold prices declined as a stronger US dollar pressured the metal, amid growing expectations that the Federal Reserve may need to keep interest rates at current levels for longer as inflationary pressures build.

In Monday trading, gold futures for April delivery fell 0.28%, or $14.4, to $5,144.3 per ounce as of 08:49 a.m. Mecca time.

Spot gold dropped 0.93% to $5,123.53 per ounce. Spot platinum fell 0.69% to $2,141.29, while palladium declined 0.62% to $1,616.16 per ounce.

Meanwhile, silver futures for May delivery rose 0.14% to $84.46 per ounce, while spot silver gained 0.49% to $84.74.

The US dollar index, which measures the greenback against a basket of major currencies, rose 0.31% to 99.29.

Investor concerns over renewed inflationary pressures in the United States have increased after a sharp surge in oil prices pushed crude close to $120 per barrel for the first time since 2022.