Gold prices fell on Wednesday after recording their lowest level in seven months during the previous session, under pressure from rising US Treasury bond yields, while the fading prospects of reaching a permanent peace agreement between the United States and Iran led to continued rise in concerns about inflation and the Federal Reserve (the US central bank) raising interest rates. The price of gold in spot transactions fell 0.7 percent to $3,979.41 per ounce. The price of gold fell in the previous session to $3,942.99 per ounce, its lowest level since last November. US gold futures for August delivery lost 1.1 percent to $3,992.70.