Gold prices dipped slightly on monday as rising oil prices exacerbated inflation concerns and bolstered expectations that the federal reserve (the us central bank) might raise interest rates at its monetary policy meeting this week. by 0119 gmt:old prices dipped slightly on Monday as rising oil prices exacerbated inflation concerns and bolstered expectations that the Federal Reserve (the US central bank) might raise interest rates at its monetary policy meeting this week. By 0119 GMT, spot gold had fallen 0.5% to $4,327.80 per ounce, after posting its third consecutive weekly decline on Friday. US gold futures for December delivery fell by about 1% to $4,368.60.

According to National Iraqi News Agency, the impact of rising oil prices is not isolated to gold. Other precious metals also experienced declines. Silver fell 1.1% to $63.75 an ounce in spot trading on Monday, platinum dropped 0.8% to $1,782.50, and palladium declined 0.7% to $1,290.36. These movements reflect broader market apprehensions about inflation and potential interest rate hikes by the Federal Reserve, which could impact the demand for precious metals.