The price of gold weakened on Monday due to the strengthening of the dollar. The drop is a new set of data that has reinforced concerns that central banks around the world will continue to raise rates to contain runaway inflation.

After reaching its highest level since February 15 on Friday, March 3, 2023, spot gold was down 0.1% to $1,853.19 per ounce at 00:37 GMT. U.S. gold futures rose 0.3% to $1,859.60. While gold is considered to be a hedge against inflation, interest rate hikes are aimed at reducing price pressures increasing the opportunity cost of holding non-productive bullion.

As for platinum, it lost 0.7% to $970.84, cash fell 0.2% to $21.20 per ounce, and palladium slipped 0.6% to $1,443.65.