ISLAMABAD: Gold prices fell 1.3% in the international market, with spot gold dropping to $4,085.29 per ounce, its lowest level since October 14.
During Asian trading, US gold futures for December delivery also declined 1.2% to $4,100.90 per ounce.
Analysts said rising crude oil prices have fuelled concerns about higher inflation. Persistently elevated energy prices could prompt central banks to keep interest rates high for longer, reducing the appeal of gold, which does not pay interest or provide regular income to investors.
According to technical analysts, $4,073 per ounce is a key support level for gold. If prices break above the $4,135 resistance level, the metal could rise to between $4,150 and $4,169 per ounce.
Other precious metals also recorded losses in the international market. Spot silver fell 3.3% to $56.05 per ounce, while platinum declined 2.2% to $1,593.05 per ounce. Palladium dropped 2.7% to $1,057.32 per ounce.
