Gold is Falling on US Dollar’s Recovery And Weaker US Inflation Data

Gold fell as the dollar recovered from a two-week low it reached in the previous session and weaker inflation data in the United States dampened appetite for the yellow metal.

Gold fell in immediate transactions 0.3% to $ 1837.13 an ounce, after reaching its highest level in more than a week on Wednesday.

US gold futures fell 0.3% to $1,837.40.

The US CPI for January was much lower than expected. Gold is a hedge against inflation.

Jerome Powell, chairman of the US Federal Reserve, emphasized in a speech on Wednesday the need for fiscal policy and said it was not the time to focus on matters of federal debt.

Investors are closely following the development of the passage of a $ 1.9 trillion dollar mitigation bill in the United States.

As for other precious metals, platinum rose 0.3% to $ 1244.84 an ounce, after reaching a peak since February 2015 at $ 1,250 on Wednesday.

In spot trading, silver fell 0.5% to $ 26.86, and palladium fell 0.6% to $ 2,340.94.