Singapore, April 13 (QNA) - Gold prices fell Monday, pressured by a stronger dollar and renewed inflation fears that overshadowed expectations of future interest rate cuts.

Spot gold fell 0.3 percent to USD 4,734.50 an ounce, after hitting its lowest level since April 7 earlier in the session.

US gold futures also declined 0.4 percent to USD 4,767.40.

Dollar-denominated metals have become more expensive for holders of other currencies as the dollar strengthens.

Oil prices rose above USD 100 a barrel as markets assessed the impact of the current situation in the Strait of Hormuz.

The price of gold in spot trading has fallen by more than 10 percent since the outbreak of war in the Middle East at the end of February.

Although gold is often seen as a hedge against inflation and geopolitical risks, rising interest rates diminish the appeal of the non-yielding precious metal.

As for other precious metals, spot silver fell 0.2 percent to USD 75.71 per ounce, platinum rose 0.3 percent to USD 2,050.80, and palladium climbed 3 percent to USD 1,566.15. (QNA)