Abu dhabi: Gold prices eased on Monday due to a surge in oil prices that fueled inflation concerns, alongside expectations that the US Federal Reserve may raise interest rates at its policy meeting this week. Spot gold decreased by 0.5 percent to $4,327.09 per ounce as of 05:28 GMT, following a third consecutive weekly decline observed on Friday.

According to Emirates News Agency, US gold futures saw a larger drop of 0.9 percent, landing at $4,367.50. The decline was not limited to gold, as other metals also experienced a decrease. Spot silver fell by 1 percent to $63.80 per ounce. Platinum saw a decrease of 0.2 percent, bringing its price to $1,792.59, and palladium dropped by 0.4 percent to $1,293.86.