Gold prices came under pressure on Monday as rising oil prices increased concerns about inflation and the possibility of higher US interest rates. Spot gold fell around 2.1% to $4,198.10 an ounce in early trading, putting the metal on track for one of its sharpest daily declines in September.
Higher Treasury yields and a stronger dollar have also weighed on bullion. In India, 24-carat gold was quoted around Rs.1,51,470 per 10 grams, while MCX gold futures were trading lower.
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