%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The price of gold (TVC: $GOLD ) has fallen to a three-week low as oil prices climb higher and spark a rise in inflation. The spot price of gold is down 2% on April 28 and trading at $4,589.80 U.S. per ounce. That's its lowest level since April 7 of this year. Gold's price is falling as crude oil prices continue trending higher with no immediate end in sight to the conflict in Iran. Brent crude oil, the international standard, is again trading above $110 U.S. per barrel, while U.S. crude prices are at $100 U.S. a barrel. The situation is raising concerns about an increase in inflation that could lead central banks around the world to hike interest rates, which is bad news for gold. As a non-yielding asset, gold tends to perform best when interest rates are low. Higher rates tend to exert downward pressure on gold's price. The U.S. Federal Reserve is widely expected to hold interest rates steady at the end of its two-day policy meeting on April 29. Investors are also watching central bank decisions this week, including those from the European Central Bank, the Bank of England, and the Bank of Canada. Most central banks are expected to hold interest rates steady as they take a wait-and-see approach to the Iran conflict. However, interest rates could move higher in the year's second half if inflation advances as many economists expect. Also continuing to pressure gold is the U.S. dollar, which continues to gain ground against other currencies as investors continue to treat the greenback as a safe haven in times of turmoil.