Gold Falls Amid Rising Energy Costs and Middle East Tensions

Gold prices fell more than 0.44% on Tuesday, reaching $4,393 per ounce as markets tracked rising energy costs and Middle East tensions.

The price decline was not driven by interest rates or the dollar, with the US 10-year Treasury yield remaining flat at 4.788% and the US Dollar Index slipping just 0.04% to 98.86.

West Texas Intermediate (WTI) crude oil prices climbed 1% to $92.10 per barrel due to rising tensions in the Middle East, which could lead to higher energy costs and consumer prices within a few months.

Investors are now bracing for US inflation releases, with the August PPI report scheduled for Thursday and Friday's CPI report expected to show a 0.4% month-over-month increase and 3.4% year-over-year rise in July CPI.