Gold prices ended lower today, Feb. 13, with the US dollar and bond yields rising amid renewed fears of monetary tightening following US data that showed inflation recording a higher-than-anticipated growth pace.
Bullion for April delivery plunged by 1.25%, or $25.80, to finish at $2,007.20 per ounce — the lowest close since Jan. 17 when prices touched $2,006.50 an ounce, after hitting $2,047.30 in early trading.
Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.65% to stand at 104.86 points at 09:48 pm Makkah time.
Excluding volatile food and energy prices, the US core Consumer Price Index (CPI) accelerated by 0.40% in January, climbing 3.9% from a year ago, with expectations suggesting a 0.3% and 3.7% rise, respectively.
The CME FedWatch tool showed that market forecasts for policy fixation by the Federal Reserve during the March meeting grew to 91.5%, compared to 84% a day ago. Further, projections for no policy change during May increased to 64.6% from 39.3% the day before.
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