On Monday, the price of gold and copper sank to their lowest levels in a month as pressure from a stronger dollar increased worries about higher interest rates in the United States.

Spot gold edged down by 0.1% to $1,911.69 per ounce, meanwhile gold futures dipped 0.2% to $1,943.55 per ounce.

After consistently dropping this year, data from last week revealed that U.S. inflation nudged up in July. This has raised concerns that the Federal Reserve would have to raise interest rates even further to stop the pressure on prices.

This idea raised the value of the dollar, which on Monday reached a record high relative to a basket of currencies. Most commodities with dollar prices suffered from the dollar's surge.

The figures raised concerns that the Fed will need to boost rates more since they revealed that inflation was once again heading higher after significantly reducing earlier this year.