Gold Prices Slide Amid Oil-Led Inflation Fears

Gold prices slipped to $4,349 an ounce on Wednesday as oil continued its upward trend, sparking inflation concerns and putting pressure on interest rates.

The rise in Brent crude has been steady over the past four sessions, with pricier energy potentially filtering into broader inflation through higher shipping and production costs.

Traders are eagerly awaiting Thursday's producer price index (PPI) and Friday's consumer price index (CPI), which will give insight into the Fed's next move on interest rates.

The CME FedWatch Tool shows that most traders expect a Fed hike at the upcoming meeting, which tends to weigh on gold prices as cash and Treasury bills offer more yield, increasing the 'opportunity cost' of holding an asset with no interest.