Gold edged slightly lower as concerns over rising inflation persisted.

In early Asian trading, gold fell slightly, as the conflict between the US and Iran led to a rise in oil prices, triggering continued concerns about rising inflation. Spot gold fell by 0.2% to $4,696.93 per ounce. Samer Hasn, Senior Market Analyst at XS.com, said in an email, "The lack of a clear peace treaty or diplomatic roadmap between the US and Iran has paralyzed energy assets in the Strait of Hormuz and the Gulf region." He added that this "forced gold to give back gains due to concerns about long-term interest rate hikes." Rising interest rates typically weaken the attractiveness of this interest-free precious metal.