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Gold falls as oil inflation fears grow

Gold prices declined after energy-driven inflation worries increased trader caution ahead of the US midterm elections. Spot gold slipped while US futures also dropped.

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FILE PHOTO: Gold bars are displayed at the ABC Refinery pavilion during the International Mining and Resources Conference (IMARC) in Sydney, Australia, October 27, 2026. REUTERS/Hollie Adams/File Photo

Gold fell 1.1% to $3,904.69 per ounce on Tuesday morning, pulling back from earlier gains as surging energy costs fueled inflation fears.