Gold drops as dollar strengthens and US inflation data loom
Gold prices declined today, influenced by the rise in the dollar and investors' anticipation of U.S. inflation data, which is expected to impact the Federal Reserve's interest rate trajectory. The spot price of gold dropped by 0.2% to $1,164.45 per ounce, while U.S. December futures fell by 0.1% to $1,187.90. Other precious metals also saw declines, with silver decreasing by 0.5% to $60.01, platinum down by 0.2% to $1,682.47, and palladium dropping by 0.5% to $1,137.69. The upcoming U.S. data includes the Consumer Price Index, scheduled for release tomorrow, which will shape market expectations regarding interest rate hikes.
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