Gold Prices Slide as Oil Rises, Interest Rate Hikes Loom

Gold prices fell on Tuesday as oil prices rose, heightening inflation concerns and bolstering expectations of higher interest rates ahead of the US Federal Reserve's policy meeting.

The spot price of gold dropped 0.3% to $4,285.91 per ounce, while US gold futures for December delivery declined 0.6% to $4,326.90.

The Fed's decision on interest rates is expected to be announced at 2pm EDT (1800 GMT) on Wednesday after a two-day meeting.

Financial markets are largely predicting a quarter-point rate hike to a 3.75%-4.00% range and signals of further tightening ahead.