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Gold hits 2-1/2-year low as dollar stands tall.

Gold prices fell to a new 2-1/2-year low on Monday, weighed down by a sturdy dollar and prospects of further interest rate hikes by the U.S. Federal Reserve to bring down inflation.

FUNDAMENTALS

* Spot gold was down 0.3% at $1,638.59 per ounce, as of 0053 GMT, after hitting its lowest level since April 2020 earlier in the session.

* U.S. gold futures fell 0.6% to $1,645.8.

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