Gold Prices Plummet as Inflation Data Dampens Hike Expectations

Gold prices declined on Friday as investors sought to lock in profits after the metal's recent surge. The price drop followed inflation data that dampened expectations of a Federal Reserve interest rate hike in September.

The spot gold price fell by 0.5% to $4,330.37 per ounce at 01:03 GMT, while U.S. gold futures for December delivery dropped 0.8% to $4,386.80.

Among other precious metals, spot silver declined 0.8% to $63.92 per ounce, with platinum falling 1% to $1,700.60 and palladium dropping 0.3% to $1,303.25.