PRECIOUS-Gold slips as oil rally keeps inflation, rate outlook on investors' radar

Elsewhere, spot silver XAG= lost 0.8% to $58.18 per ounce. Platinum XPT= eased 0.2% to $1,628.06 and palladium XPD= gained 0.5% to $1,311.84.

July 15 (Reuters) - Gold prices fell on Wednesday, after climbing more than 2% in the previous session, as rising oil prices fuelled inflation concerns and injected uncertainty into the U.S. interest-rate outlook, weighing on the non-yielding bullion.

Spot gold XAU= was down 0.7% at $4,025.12 per ounce, as of 0805 GMT. U.S. gold futures GCcv1 for August delivery eased 1% to $4,030.40.

Gold jumped to $4,100.49 per ounce on Tuesday, rebounding from a two-week low, after data showed U.S. consumer inflation slowed more than expected in June.

On Wednesday, oil prices gained for a third consecutive session as U.S. President Donald Trump re-imposed a naval blockade on all Iranian ports and threatened to hit power plants and bridges next week unless Tehran resumes negotiations. O/R

"I reckon that the market is now looking past the CPI data, which is kind of a lagging indication ... Trump continues to maintain the blockade of ships that is flowing out of the Strait of Hormuz, causing oil prices to rise and gold to come under pressure," said Kelvin Wong, a senior market analyst at OANDA.

Gold, traditionally seen as an inflation hedge, loses its appeal in a high-interest-rate environment.

Top Federal Reserve officials welcomed cool inflation figures for June, but said they would need more such readings to feel confident that price pressures are truly easing.

The U.S. Producer Price Index, due later in the day, is expected to offer further insight into inflation and the monetary policy outlook.