Gold Tumbles Below $4,300 as Crude Oil Prices Surge to Four-Month Highs

Rising crude oil prices and inflation concerns have weighed on gold, pushing spot prices below $4,300 an ounce. The precious metal had been trading above this mark for several weeks but has now fallen to around $4,290.5 an ounce. This decline comes despite gold's strong performance over the past year, with prices still up about 16.6 percent.

The recent surge in crude oil prices to four-month highs, currently standing at $102.62 a barrel, has added pressure on gold. The disruption caused by Saudi Arabia shutting its key East-West pipeline following drone attacks has revived concerns that higher energy costs could keep global inflation elevated.