Gold fell as accelerating U.S. inflation and a more than 2% jump in oil prices strengthened expectations that the Federal Reserve will raise interest rates this week. Spot gold slipped 0.3% to $4,334.31 an ounce at 0330 GMT, while U.S. futures declined 0.8% to $4,375.00. CME FedWatch showed traders pricing an 86.5% chance of a Fed rate increase, up from about 67% before last week's inflation data. The Bank of Japan is also widely expected to raise rates on Friday. Higher rates reduce the appeal of non-yielding bullion, though geopolitical tensions and policy uncertainty continue to support safe-haven demand. ANZ has maintained a 12-month gold target of $5,400 an ounce.