Moscow: Gold prices fell Monday, pressured by a stronger dollar and renewed inflation fears that overshadowed expectations of future interest rate cuts. Spot gold declined by 0.3 percent to USD 4,734.50 an ounce, after touching its lowest level since April 7 earlier in the session. US gold futures also saw a decrease, slipping 0.4 percent to USD 4,767.40.

According to Qatar News Agency, the strengthening of the dollar has made dollar-denominated metals more expensive for holders of other currencies, contributing to the fall in gold prices. Additionally, the price of gold in spot trading has decreased by over 10 percent since the outbreak of war in the Middle East at the end of February. Despite gold's traditional role as a hedge against inflation and geopolitical risks, rising interest rates are diminishing its appeal as a non-yielding precious metal.

In contrast, oil prices have risen above USD 100 a barrel as markets assess the impact of the current situation in the Strait of Hormuz. Meanwhile, other precious metals showed mixed results: spot silver fell 0.2 percent to USD 75.71 per ounce, platinum rose 0.3 percent to USD 2,050.80, and palladium climbed 3 percent to USD 1,566.15.