Gold prices fall after US inflation data boosts dollar

Gold prices fell on Thursday after higher-than-expected US inflation data and hawkish statements from the Federal Reserve pushed the dollar close to a one-month high, raising expectations of an interest rate hike next month and negatively impacting the precious metal.

Spot gold dropped 0.2% to $1,979.09 per ounce, while US gold futures for December delivery slipped 0.4% to $1,984.50.

Among other precious metals, spot silver declined 0.6% to $51.40 per ounce, and palladium fell 0.3% to $1,024.48.