Gold Price Falls Below $4,370 Amid Rising Crude Oil Prices

The gold price fell below $4,370 an ounce in late-afternoon U.S. trading on Tuesday, as rising crude oil prices and elevated Treasury yields outweighed the safe-haven bid from renewed U.S.-Iran tensions.

North American equity markets also closed lower due to higher oil prices reviving inflation concerns. The S&P 500 fell 45.08 points or 0.6% to 7,673.52, while Brent crude settled near $97.92 after reaching as high as $99.46.

The market is pricing about a 60% probability of the Federal Reserve raising rates at its upcoming September 15-16 meeting following last week's strong payrolls report and latest oil shock keeping inflation risk in focus.