Singapore, September 14 (QNA) - Gold prices edged lower on Monday as a surge in oil prices fueled inflation concerns and raised expectations that the US Federal Reserve could hike interest rates this week.

Spot gold fell 0.5% to $4,327.80 an ounce after posting its third consecutive weekly decline on Friday. US gold futures for December delivery fell about 1% to $4,368.60 an ounce.

Among other precious metals, spot silver fell 1.1% to $63.75 an ounce, while platinum dropped 0.8% to $1,782.50 and palladium declined 0.7% to $1,290.36. (QNA)