Gold prices declined on Monday as a broadly stronger U.S. dollar weighed on the dollar-denominated metal, while rising energy costs heightened inflation concerns and weakened expectations for near-term interest rate cuts. Spot gold fell 1.4%, while the dollar climbed to its highest level in more than three months.

Much of gold’s earlier rally had been driven by expectations of a dovish U.S. interest-rate outlook. Investors now expect the Federal Reserve to leave rates unchanged at the conclusion of its two-day meeting on March 18. The probability of rates remaining unchanged in June has risen to more than 51%.