Analysts: The path of least resistance for gold prices remains downward.

Gold prices fell on Odaily after renewed tensions between the US and Iran pushed up Brent crude oil prices and clouded the outlook for US interest rates, fueling concerns about rising inflation and putting downward pressure on gold. Spot gold fell as much as 1.1% to $4,521.80 per ounce. ActivTrades analyst Ricardo Evangelista said, "This uncertainty triggered higher oil prices, exacerbated inflation concerns, and reinforced market expectations of a hawkish stance from the Federal Reserve, which put resistance on gold." "The path of least resistance for gold remains to the downside…traders will continue to focus on the progress of US-Iran negotiations and also look forward to the release of US PCE inflation data." (Jinshi)