Gold prices rose slightly on Monday, but still hovered around a four-month lows amid a move by investors into higher yielding assets in anticipation of interest rate increases from the world's major central banks.

Gold has fallen more than 6.7% over the past month, with the bulk of the decline coming in the latter days of June when three of the world's top central bankers -- Janet Yellen, Mario Draghi and Mark Carney -- made speeches indicating that interest rates will begin to increase around the world as economies grow and the effects of the financial crisis are finally left behind.

U.K. listed gold mining stocks have also suffered over the past month, with Randgold Resources (GOLD) falling more at 14% and rival Fresnillo Plc (FNLPF) slumping more than 15.2%. In New York, the SPDR Gold ETF (GLD) has fallen 6.35% over the same 30-day period and closed at $115.28, the lowest since March 14.

Prices could decline further in the months ahead, some analysts have warned, as global bond yields continue to rise in anticipation of higher interest rates from the U.S. Federal Reserve and, potentially, the end of the European Central Bank's €2.3 trillion program of quantitative easing.

Benchmark 10-year German government bond yields, known as bunds, have risen 32 basis point to 0.57% since last June, while 10-year Treasury yields are now 14 basis points higher, providing a safe, higher-yielding alternative to gold investment. 

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