Gold continues to decline

Gold prices fell during trading on Wednesday to extend the precious metal’s losses after losing more than 1% in yesterday’s session, affected by higher-than-expected US inflation data.

In terms of trading, spot gold contracts settled at $1,702.52 an ounce after falling more than 1% in the previous session, while gold futures contracts for December delivery also fell by 0.43% to reach $1,710.10 an ounce.

On the other hand, in addition to gold, silver futures contracts for December delivery fell by 0.67%, recording $19.36 an ounce, while platinum prices rose by 0.89% to $892.22 an ounce, and palladium declined by 0.12% to $2,104 an ounce.

The release of US inflation data yesterday led gold prices to decline sharply, after the data showed that inflation rose in August, exceeding market expectations, as it recorded 8.3%, after expectations indicated a slowdown to 8.1%, after it had recorded 8.5% in its previous reading for the month of July. The high data fueled investor expectations that the US Federal Reserve would raise interest rates aggressively