Gold drops more than 1% on US rate-hike bets

By Ashitha ShivaprasadGold prices fell more than 1% on Monday as a rise in oil prices heightened inflation concerns and reinforced expectations of further Federal Reserve interest rate hikes.Spot gold TVC:GOLD was down 1.5% at $4,223.95 per ounce, as of 0117 GMT. US gold futures TVC:GOLD fell 1.5…