Gold prices fell

Gold prices fell in the global market after three consecutive days of upward movement, Reuters reported on Wednesday (August 26). Gold prices on Tuesday reached their highest level since May 14 after the US Treasury Department's recent bond 'buyback' announcement. However, spot gold prices fell 0.8 percent to $4,618.03 an ounce on Wednesday.

Nikos Zaboras, senior market analyst at Jefferies-owned Tradu.com, said gold prices fell today as everyone in the market remains cautious ahead of important events.

On the geopolitical front, Iran said it has resumed talks with neighboring Oman over the management of the Strait of Hormuz as it faces growing economic pressure from US President Donald Trump in a wider conflict.

Among other metals, spot silver prices fell 0.2 percent to $68.48 per ounce, platinum prices rose 0.4 percent to $1,864.51, and palladium prices rose 1 percent to $1,339.75.