Gold prices edged lower today as rising oil prices heightened inflation concerns and strengthened expectations that the federal reserve could raise interest rates at its monetary policy meeting this week. spot gold fell 0.5% to $4:old prices edged lower today as rising oil prices heightened inflation concerns and strengthened expectations that the Federal Reserve could raise interest rates at its monetary policy meeting this week. Spot gold fell 0.5% to $4,327.80 per ounce, while US gold futures for December delivery declined nearly 1% to $4,368.60.

According to Saudi Press Agency, among other precious metals, spot silver dropped 1.1% to $63.75 per ounce. Platinum saw a decline of 0.8%, bringing its price down to $1,782.50, while palladium decreased by 0.7% to $1,290.36.

The fluctuations in precious metal prices are attributed to the market's response to potential monetary policy changes by the Federal Reserve, influenced by the recent surge in oil prices. These developments have led investors to reassess their strategies amidst concerns of inflation and an anticipated interest rate hike.