SINGAPORE - Asian shares slumped and gold prices rose on Monday.

The dollar scaled a fresh 34-year high against the yen on growing expectations that sticky inflationary pressures in the United States will keep rates there higher for longer.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7 percent after Iran had, late on Saturday.

Japan's Nikkei slid more than 1 percent, while Australia's S&P/ASX 200 index lost 0.6 percent.