Gold prices fell Thursday evening as a stronger dollar and rising U.S. Treasury yields weighed on the precious metal, following inflation data that reduced expectations of an imminent Federal Reserve rate cut.
Spot gold declined 0.5 percent to $3,337 per ounce, while U.S. gold futures dropped 0.7 percent to $3,383.2, according to market data.
Silver slid 1.3 percent to $37.9, whereas platinum and palladium gained 1.1 percent and 2 percent, respectively.
Analysts said the drop was largely a reaction to inflation figures coming in higher than forecast, which dampened bets on a rate reduction next month.
However, they added that persistent inflationary pressures could support gold in the medium to long term, given its role as a hedge against price instability.
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