NEW YORK — Gold fell about 3 percent on Monday to a seven-week low as oil and U.S. Treasury yields rose together, a mix that raised the odds of another Federal Reserve rate increase and made a metal that pays no interest harder to hold.

Spot prices were around $4,147.09 an ounce on Goldprice feeds, down $130.69, or 3.06 percent. That print lined up with other late-session snapshots: CNBC had spot near $4,145.88 and futures near $4,176.80; Trading Economics listed about $4,148. Reuters had an earlier reading of $4,198.10, already down more than 2 percent and on course for the largest daily drop since Sept. 1. The metal has slipped from last week's peak near $4,370 on Sept. 22 and from a January record close to $5,600.

Silver fell harder. Spot silver was off about 3.5 to 5 percent toward $61 an ounce in various prints. Platinum and palladium dropped more than 2 percent. Mining shares followed. Newmont was lower in premarket trade; silver miners such as Hecla and Endeavour Silver fell more.

The mechanism is familiar. Gold is a hedge when inflation is the only story. It is a cost when real yields jump. Brent crude rose past $107 a........

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