Spot gold fell more than $30 to $4,395.66 per ounce, hitting a new intraday low.

Spot gold fell more than $30 in the short term, hitting a new intraday low of $4,395.66 per ounce, down about 0.8%. This is due to last Friday’s robust US non-farm payrolls, as well as mutual attacks on ships between the US and Iran over the weekend, which supported oil prices and heightened inflation concerns, boosting expectations of a Fed rate hike this year.