Gold declines as oil rises and inflation fears

Gold prices fell on Tuesday, affected by rising oil prices, increasing concerns related to inflation, and the possibility of interest rates remaining high for a longer period.

Gold fell in spot transactions by 0.7% to $4,537.54 per ounce by 02:18 GMT, while US gold futures for June delivery rose by 0.3% to $4,538.50.

Prices of other precious metals also declined, as silver fell by 1.8% to $76.66 per ounce, platinum lost 0.9% to reach $1,950.70, while palladium fell by 1.1% to $1,382.42.