The gold market is being plunged by the rebound of the US dollar and expectations of further interest rate hikes from the Federal Reserve for May Triggering high inflation. Thus, the metal price fell by 0.4% on Monday.

After rising by around 1.6% last week, spot gold was down 0.4% to $1,794.78 an ounce, at 0352 GMT. American gold futures fell 0.3% to $1,810. The dollar erased its previous losses to gain 0.1% against its rivals, making gold more expensive for buyers holding other currencies.

Traders estimated that the Fed would raise interest rates by 75 basis points in September by around 44.5% and that of 50 basis points at 57.5%.

Meanwhile, cash fell 1% to $20.61 per ounce, platinum fell 0.9% to $953.67, and palladium remained stable at $2,223.22.