Gold retreats for the first time in ten sessions

Gold has been declining since the beginning of daily trading on Tuesday, under pressure from the rise in the US dollar. The dollar found momentum after Tuesday’s US inflation data that shed light on the rise in consumer prices to levels higher than expectations last February.

The precious metal slumped -1.31% to $2,153 per ounce, at the time of writing, compared to the previous daily closing price; $2,182 per ounce. Gold rose to its highest levels in Tuesday’s session at $2,184, compared to the lowest level, which recorded $2,152.

Tuesday’s CPI data highlighted a higher than market expectation rise in consumer prices in the United States, but it is not much higher than those expectations, as it stabilizes at levels that do not cause concern to investors across financial markets.

The US consumer price index rose by 0.4% last February, compared to the increase recorded last month of 0.3%, which was in line with market expectations, according to the monthly reading of the index.

The dollar index, which measures the performance of the US currency against a basket of major currencies, rose to 103.05 points compared to the last daily close, which recorded 102.78 points. The index reached its lowest levels on the current trading day at 102.72 points, compared to the highest levels recorded at 103.18 points, which added pressure on gold.