Gold prices drop over 1% in spot trading on US inflation data

Gold prices fell by more than 1% on Wednesday, marking a third consecutive session of losses, as stronger-than-expected US inflation data boosted expectations that the Federal Reserve will raise interest rates this month.

Spot gold dropped 1.7% to $1,086.06 per ounce, hitting its lowest level since October 7. US gold futures also slipped 1.6% to $1,108.60 per ounce.

Among other precious metals, spot silver declined 4.1% to $56.99 per ounce, platinum fell 2% to $1,629.79 per ounce, and palladium slipped 0.7% to $1,118.46 per ounce.