Gold falls to near three-week low on US rate outlook, Middle East tensions

BAGHDAD, Iraq — Gold prices slipped to their lowest level in nearly three weeks on Wednesday, as concerns over inflation linked to Middle East tensions and expectations of tighter US monetary policy weighed on demand. Spot gold fell 0.6% to $4,304.01 an ounce, the lowest level recorded since August 7. December US gold futures dropped 1% to $4,350.80 an ounce. A stronger US dollar and rising Treasury yields added pressure on dollar-denominated gold, which tends to lose appeal when borrowing costs climb and the currency firms. Investors are awaiting the ADP private-sector employment report later in the session and the nonfarm payrolls data due Friday for further signals on the US rate path. Among other precious metals, silver fell 1% to $63.60 an ounce, platinum declined 1% to $1,722.23, and palladium lost 1.4% to $1,292.21.