Gold prices end 1% lower after hotter-than-expected US inflation data

12/03/2024 Argaam

Gold prices end 1% lower after hotter-than-expected US inflation data

Gold prices ended in the red today, March 12, after a hotter-than-anticipated US inflation report dimmed prospects of the Federal Reserve cutting interest rates soon.

 

Bullion for April delivery slumped by 1%, or $22.50, to close at $2,166.10 per ounce, marking the first loss for the yellow metal in nine sessions.

 

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, increased 0.15% to 103 points at 08:40 pm Makkah time.

 

Recent data showed the US Consumer Price Index (CPI) rose 0.4% on a monthly basis in February. Annually, it increased 3.2%, above the 3.1% forecast.

 

More US readings are due before the Fed's meeting next week. The Producer Price Index report will be released on March 14, with the preliminary reading of the Michigan Consumer Sentiment Index (MCSI) scheduled to be out the day after.

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