Gold prices fell at the beginning of trading today, affected by the rise in the dollar, in light of investors awaiting the main inflation data in the United States and the decision of the US Central Bank scheduled this week to raise interest rates.

The price of the yellow metal fell during today’s trading by more than $14 an ounce, by 0.75%, down to levels near $1797 an ounce.

While the spot price of US dollar gold fell within the range of $11 an ounce, by 0.6%, down to levels near $1,786 an ounce.

Oil prices rose more than 1% during early Asian trading as the main pipeline for transporting crude oil between Canada and America continued to be closed, while Russian President Vladimir Putin threatened to cut production in response to the West imposing a cap on Russian oil export prices.

Brent crude futures rose by 0.6%, or 46 cents, to reach $76.56 a barrel, and West Texas Intermediate crude rose by 0.8%, or 57 cents, to reach $71.59 a barrel.

On the Tokyo Stock Exchange, the Japanese Nikkei index fell due to fear of rising inflation and the US central bank’s decision to raise interest rates, according to US data. Inflation is expected to be more severe than thought ahead of Tuesday’s consumer price report and the Federal Reserve’s decision on Wednesday.