New york: Gold prices fell 0.7% on Wednesday after hitting a seven-month low in the previous session, pressured by higher US Treasury yields amid persistent inflation concerns and expectations that the US Federal Reserve will continue raising interest rates. Spot gold slipped 0.7% to $3,979.41 an ounce after falling to $3,942.99 in the previous session, its lowest level since November.

According to Qatar News Agency, US August gold futures declined 1.1% to $3,992.70 an ounce. Gold also posted its steepest quarterly decline since 2013 and recorded a fourth consecutive monthly loss in June. Among other precious metals, spot silver fell 1.4% to $57.75 an ounce, while platinum eased 0.6% to $1,542.00 after touching its lowest level since November. Palladium was down 0.4% at $1,199.34 an ounce.