Gold Falls to Lowest Level in Over Three Weeks

Gold prices fell on Wednesday to their lowest level in more than three weeks, weighed down by escalating tensions in the Middle East. The heightened conflict drove oil prices higher and sparked concerns about inflation and interest rates, as investors awaited the release of upcoming U.S. jobs data.

Spot gold dropped 0.6% to $4,304.01 per ounce, marking its lowest level since August 7, and headed for a fourth consecutive session of losses. It remained below its 200-day moving average, a technical level closely watched by investors.

U.S. December gold futures also fell 1% to $4,350.80 per ounce.

Among other precious metals, spot silver declined 1% to $63.60 per ounce, platinum dropped 1% to $1,722.23, and palladium fell 1.4% to $1,292.21.