Gold declines affected by strong dollar and anticipation of US inflation data

Gold prices fell on Wednesday, driven by a rise in the dollar, as investors awaited key US inflation data and the latest US Federal Reserve (central bank) data on interest rates later in the day.

By 01:28 GMT, gold in instant transactions fell 0.2% to $2,311.80 per ounce. US gold futures rose 0.1% to $2,328.80, according to Reuters.

As for other precious metals, silver rose in instant transactions by 0.2% to $29.33 per ounce, platinum increased by 0.8 to $959.10, and palladium gained 1% to reach $892.45.