Global gold prices fell on Monday as concerns increased over the possibility of higher interest rates in the United States.

Spot gold dropped 0.4% to $4,313.11 per ounce by 03:02 GMT, while US gold futures for August delivery declined 0.7% to $4,336.30 per ounce. Analysts attributed the decline to growing expectations that higher US interest rates could reduce the appeal of non-yielding assets such as gold.