Gold Hovers Near Four-week Low On Inflation, Rate-hike Fears

India, Sept. 2 -- Gold prices hit a four-week low on Wednesday amid hawkish Federal Reserve expectations and escalating Middle East tensions.

Spot gold dipped half a percent to $4,309.07 an ounce while U.S. gold futures were down 0.9 percent at $4,356.79 an ounce.

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Inflation worries returned to the fore as oil prices surged following fresh strikes between the U.S. and Iran.

Brent crude futures rose toward $95 a barrel as escalating fighting between the U.S. and Iran heightened concerns over further disruptions to energy flows through the Strait of Hormuz.

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