Gold prices edged lower on Tuesday as higher oil prices reignited concerns over inflationary pressures and the prospect of interest rates remaining elevated for longer.
Spot gold fell 0.6% to US$4,542.20 per ounce as of 04:01 GMT, while US gold futures for June delivery rose 0.4% to US$4,542.80.
The decline in bullion prices came as investors weighed the potential impact of rising energy costs on global inflation, a factor that could influence central banks to maintain tighter monetary policy for an extended period.
Higher interest rates typically reduce the appeal of non-yielding assets such as gold, while persistent inflation concerns continue to add volatility across commodity markets.
Other precious metals also traded lower during the session.
Spot silver declined 1.6% to US$76.84 per ounce, while platinum slipped 0.8% to US$1,952.56. Palladium fell 1.2% to US$1,381.27.
