Gold prices slip as rising oil fuels inflation fears
Gold prices faced short-term pressure during early Asian trading on Tuesday, easing toward $4,443 per ounce at the time of publication, WAM reports.
Escalating tensions in the Middle East pushed crude oil prices higher and fueled fears of persistent inflation.
Spot gold slipped to $4,440.34 per ounce after holding near $4,454.68 earlier in the session.
A surge in energy prices following recent geopolitical military exchanges has reinforced expectations that the Federal Reserve may maintain a hawkish monetary policy path, adding near-term headwinds to non-yielding bullion.
Earlier, it was reported that gold prices retreated after reaching their highest level in more than three months, with spot gold down 0.2% at $4,640.39 per ounce as of 03:34 GMT.