Gold prices fall on firmer dollar, dimming rate-cut hopes

Gold fell about 2% on Monday, as ‌a stronger US dollar weighed on the greenback-priced bullion, while higher energy costs fuelled inflation concerns and further dimmed the prospects for near‑term reductions in interest rates. Spot gold was down 1.7% at $5,082.51 per ounce, as ​of 0233 GMT. US gold futures for April delivery were down 1.4% at $5,099.40. The ​dollar rose to a more-than-three-month high, making bullion more expensive for holders ⁠of other currencies. The US 10‑year Treasury yields climbed to a one-month high, raising the cost ​of holding non‑yielding gold. “Gold is on the back foot today despite the market tumult, ​with triple-digit oil prices boosting the dollar on inflation fears and scaled back rate-cutting expectations,” said Tim Waterer, KCM Trade chief market analyst.