Gold prices in South Korea have fallen more than 10% in about a month, while international spot prices are down more than 6% as investors reassess the outlook for U.S. interest rates. The price of 99.99% purity gold on the Korea Exchange (KRX) gold market closed at 181,460 Korean won per gram, down from 203,010 won on August 28 and the lowest since September 26 of last year. Expectations of further Federal Reserve tightening, fueled by higher inflation risks linked to the US-Iran war and rising oil prices, have lifted Treasury yields and encouraged investors to move from non-interest-bearing gold into bonds. The Bank of Korea plans to resume physical gold purchases on the KRX market by year-end, its first such buying program in 13 years.