Gold, silver fall at close on persistent inflation concerns

Gold futures for April delivery declined 1.19%, or $59.5, to $5,002.2 per ounce

Gold and silver prices fell at settlement on Monday, pressured by concerns that inflation driven by the Middle East conflict could keep interest rates higher for longer, outweighing support from a weaker dollar and safe-haven demand.

Gold futures for April delivery declined 1.19%, or $59.5, to settle at $5,002.2 per ounce.

Silver futures for March delivery fell 0.80%, or 65.1 cents, to $80.26 per ounce, extending losses for a fourth consecutive session.

The declines came amid a sharp rise in oil prices since the outbreak of the Middle East conflict, raising fears of renewed inflationary pressures that could prompt major central banks to keep interest rates elevated or tighten borrowing costs further.

Markets are now awaiting US producer price index data this week, along with monetary policy decisions from the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan.