Gold prices fall below $4,300 on possible rate hike concerns

As increasing inflationary concerns raised the possibility of a rate hike by the Fed this week, gold prices dropped.

The price of gold per ounce was at $4,290 as of 1030GMT, down 1.4%.

Energy commodities saw significant increases this month, as Brent oil reached around $108, up around 19% on a monthly basis.

European gas prices soared by 35% month-on-month on Monday, reaching around €84 ($97) per megawatt-hour.

Last month, Fed Chairman Kevin Warsh said inflation remained too high, despite a resilient economy and growing artificial intelligence investments.

Speaking at the Jackson Hole Economic Policy Symposium, Warsh signaled that additional monetary policy steps may be needed if inflation does not fall to the target level.

On Friday, the US inflation rate stood at 3.4%, while the monthly rate increased to 0.4%.

Increasing oil prices this month raise inflationary concerns and put pressure on the Fed's monetary policy board.