Algerian Radio
Gold prices plummeted by more than 3% on Monday, continuing their downward trajectory to reach their lowest level in nearly four months. Spot gold fell 3.3% to $4,340.09 per ounce, marking its ninth consecutive session of losses.
The precious metal, which dropped to its lowest point since January 2, had already suffered a decline of more than 10% last week.
US gold futures for April delivery also slumped by 5%, settling at $4,347.
Meanwhile, market expectations have risen regarding a potential interest rate hike by the US Federal Reserve this year. Interest rate futures are now pricing in a probability of around 27% for a rate hike by December.
In other precious metals markets, spot silver dropped 3.3% to $65.55 per ounce.
Spot platinum fell by 4.4% to $1,838.45, while palladium decreased by 0.4% to $1,398.50.
