Gold and silver prices experienced a decline on Monday, primarily driven by a stronger US dollar and rising inflation concerns due to surging crude oil prices. Spot gold fell 1.1% to $4,694.30 per ounce, marking its lowest level since April 7, while US gold futures for June delivery dropped 1.4% to $4,717.80 per ounce. Spot silver also saw a decline of 1.9%, settling at $74.45 per ounce. The increase in crude oil prices, which surpassed $100 per barrel, is attributed to inflation fears following the failure of US-Iran ceasefire talks. The strengthening of the US dollar has made gold and silver more expensive for holders of other currencies, further contributing to the price drop. Since the onset of the US-Israel conflict with Iran on February 28, spot gold prices have plummeted over 11%. With inflation concerns mounting, traders are now skeptical about the possibility of a US Federal Reserve interest rate cut this year.