Abu dhabi: Gold prices fell on Tuesday: as rising oil prices fuelled concerns around inflation and higher-for-longer interest rates. Spot gold was down 0.6 percent at US$4,542.20 per ounce as of 04:01 GMT. Meanwhile, US gold futures for June delivery gained 0.4 percent to US$4,542.80.

According to Emirates News Agency, the decline in gold prices was mirrored across other precious metals as well. Spot silver fell 1.6 percent to US$76.84 per ounce, platinum lost 0.8 percent to US$1,952.56, and palladium slid 1.2 percent to US$1,381.27.

The movements in the precious metals market come amid a backdrop of rising oil prices, which have sparked concerns about inflation. These concerns, in turn, have led to expectations of prolonged higher interest rates, impacting investor sentiment towards gold and other precious metals.