New Delhi, March 23 -- Gold prices crashed on Monday, erasing gains accumulated earlier this year, as a surge in crude oil prices amid escalating US-Iran war raised inflation concerns and tempered expectations of monetary easing by the US Federal Reserve.

Gold prices extended its losses for a ninth consecutive session, plunging nearly 5% to fall below the $4,300 per ounce mark. The sharp decline in gold rate today came on growing investor concerns that persistently high inflation could prompt the Federal Reserve to maintain a tighter monetary policy stance for longer, and also raise interest rates if needed, thereby reducing the attractiveness of non-yielding assets such as gold.

Rising crude oil prices due to the US-Iran war have heigh...