Gold prices have fallen due to the strengthening of the US dollar, which is a result of President-elect Donald Trump's warning to the BRICS nations. Trump has expressed his intention to request these countries to refrain from developing a new currency.
The rise in the dollar's value has made gold more expensive for international buyers, putting additional pressure on the precious metal's market performance.
This reflects a decline of almost 3% over the past week. The value of the dollar has increased, causing gold to trade at around $2,635 per ounce during early Asian hours on Monday.