Gold falls more than 1% as oil rises

Gold fell by more than one percent at the beginning of Asian trading today, as fears of closing the Strait of Hormuz led to a sharp rise in oil prices, which revived expectations of raising interest rates to combat inflationary pressures.

Gold in spot transactions fell 1.2 percent to $4,072.78 per ounce by 0050 GMT.

US gold futures for August delivery fell 0.8 percent to $4,081.70.