Gold prices decline--

LONDON, May 21 (Reuters): Gold prices fell 1.0 per cent on Thursday as climbing oil prices heightened inflation worries, boosting bets for US rate hikes and lifting Treasury yields and the dollar, which added more pressure on bullion.

Spot gold was down 1.0 per cent at $4,500.07 per ounce as of 10:17 a.m. ET (1417 GMT). On Wednesday, bullion rose more than 1.0 per cent in US trading hours after having hit its lowest level since March 30.

US gold futures for June delivery lost 0.7 per cent at $4,502.90. Oil prices rose over 2.0 per cent after Reuters reported.