Gold prices fell at the start of the week, amid mounting pressure resulting from escalating tensions in the Middle East and rising oil prices.
The decline in gold prices comes at a time when investors are increasingly anticipating that the U.S. will maintain its tight monetary policy.
The price of gold in spot trading fell by 0.4% to $4,000.55 per ounce.
The yellow metal also hit its lowest level in about two weeks, after posting a weekly loss of 2.5%.
Meanwhile, U.S. gold futures for August delivery fell 0.3% to settle at $4,005.90 per ounce.
This performance came after the price of Brent crude surpassed $90 per barrel, which fueled concerns about a resurgence of inflationary pressures.
Several U.S. Federal Reserve officials also indicated that raising interest rates may remain an option.
Meanwhile, Asian markets saw volatile trading as a busy week of earnings announcements from major technology companies got underway.
Investors are watching these results closely to gauge the strength of the artificial intelligence sector and its impact on global market performance.
As for other precious metals, silver rose 0.9% to $56.42 per ounce.
Platinum also rose 0.1% to $1,592.97, while palladium rose 0.3% to $1,251.74 per ounce.
Gold continues to be influenced by geopolitical tensions on the one hand and expectations regarding U.S. interest rates on the other.
