Gold remained below $4,300 an ounce near five-week lows as rising oil prices heightened inflation concerns and strengthened expectations for a Federal Reserve rate hike on Wednesday. The metal slipped 0.25% to $4,287 in early Asian trading, after spot prices had recently dropped more than 1% to about $4,355.85 and reached an intraday low of $4,323.78 on September 10. Markets were pricing in roughly a 92% probability of a 25-basis-point increase, while the US 10-year Treasury yield moved toward 5%, reducing the appeal of non-yielding bullion. Oil extended gains after Saudi Arabia’s East-West pipeline remained shut, while Ukraine disputed President Trump’s claim that it had reached an agreement with Russia to halt attacks on energy infrastructure. Investors also favored the dollar amid Middle East tensions and technology leaders’ warnings about artificial intelligence. The Bank of Japan is expected to raise rates on Friday, adding to a complicated global inflation outlook. David Morrison of Trade Nation said gold’s price action offered little indication that it would soon regain its haven role. Gold and silver have maintained a strong negative correlation with the dollar since their February decline from record highs. Prediction-market pricing also shows reduced odds of gold reaching $15,000 by December, supporting a continued NO outcome.