Gold slides after hitting month-high

Gold prices declined on Monday after rising to the highest in a month earlier today on higher inflation fears.

Spot gold prices dropped 0.4% to trade at $1864.27 per ounce, while US gold futures dipped 0.4% to $1868.60, according to Reuters.

Gold had reached the highest since May 9^th earlier in the session to trade at $1877.50 per ounce.

However, the US 10 treasury yield rose to the highest since May 9^th, so demand on gold as a safe-haven asset faded.