Gold Prices Plummet Ahead of US Inflation Data Release

Gold prices have been on the decline this month due to expectations of higher interest rates, which weighed heavily on sentiment ahead of the US inflation data release. As a result, gold prices fell by 0.2% on Wednesday to $4,170.63 per ounce. This marks a significant loss for gold, with over 6% decrease in value since the beginning of the month.

US gold futures managed to gain 0.5% to $4,201.90, but this was not enough to offset the losses seen in spot prices. The market is eagerly awaiting the release of US inflation data, which will provide crucial information on the Federal Reserve's next policy move.

The decline in gold prices has been mirrored across other metals as well. Spot silver fell by 0.8% to $60.98, while platinum steadied at $1,705.10 and palladium lost 0.3% to $1,219.60. All three metals are poised for monthly declines.