Gold prices deepened their early losses following the release of inflation data in the United States for January, losing more than $20, as official data showed U.S. inflation growth accelerated to its highest level in 7 months.
As a result, market speculation increased regarding the Federal Reserve's decision to keep interest rates at current levels throughout 2025, coupled with renewed inflationary pressures in the United States.
Consequently, these expectations bolstered the strength of the U.S. dollar following the release of positive data, with the dollar index rising approximately 0.48% to 108.486 points, leading to a decline in demand for gold priced in greenbacks.
During today's trading, spot gold prices fell by 0.50% to record $2,448.68 per ounce, while April delivery gold futures prices decreased by about 0.80% to $2,909.06 per ounce.
