Singapore, September 28 (QNA) - Gold prices fell more than 1% on Monday as rising oil prices fueled inflation concerns and strengthened expectations that the US Federal Reserve could raise interest rates again.

Spot gold fell 1.5% to $4,223.95 per ounce, while US gold futures dropped 1.5% to $4,257.90 per ounce.

Higher oil prices have heightened concerns over persistent inflation, strengthening the case for tighter monetary policy and weighing on gold, which does not generate interest income and tends to lose appeal when interest rates and bond yields rise.

The Federal Reserve raised its benchmark interest rate by 25 basis points earlier this month, bringing its target range to 3.75%-4%.

Among other precious metals, spot silver fell 2.6% to $62.64 per ounce, platinum declined 2.1% to $1,741.45, and palladium dropped 2.1% to $1,239.95. (QNA)