New Delhi, Oct. 21 -- Gold prices fell for a fourth consecutive session on Wednesday as rising oil prices fuelled concerns over inflation. Investors are also awaiting next week's US Federal Reserve policy meeting for clues about the future direction of interest rates.

Spot gold declined 0.2% to $4,118.18 per ounce, while US gold futures for December delivery fell 0.2% to $4,136.20, according to Reuters.

Markets are pricing in a 16% chance of a rate hike at the Fed's October 27-28 policy meeting, while the probability of a hike in December remains around 90%. Higher interest rates typically weigh on gold prices as they increase the opportunity cost of holding the non-interest-bearing metal. Meanwhile, the US dollar index stabilised after...