Gold prices declined at the start of the session as the U.S. dollar strengthened, which generally makes the precious metal more expensive for holders of other currencies. According to Intercontinental Exchange data, spot gold fell 1.3% to $4,617.52 per ounce. Concerns that rising oil prices could fuel higher inflation also weighed on gold, as accelerating inflation may prompt major central banks to raise interest rates, reducing the appeal of the non-yielding metal. Data from the London Stock Exchange Group showed the U.S. dollar index rose 0.2% to 100.263.
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