Gold Hits Seven-Week Low as Oil, Dollar Surge

Gold fell 3.3 percent to a seven-week low of $4,146.51 an ounce on Monday as rising oil prices, a stronger US dollar and higher Treasury yields stoked inflation concerns. US gold futures dropped 3.3 percent to $4,178.40, while silver slid 4.7 percent to $61.27. The Fed's recent rate hike and signals of further increases have dented the appeal of non-yielding bullion.