Gold Edges Lower Amid Stronger Dollar and Inflation Data

Gold prices declined as the U.S. dollar strengthened and new inflation data reinforced expectations of higher interest rates. Spot gold fell 0.4% to $1,840 per ounce, while U.S. gold futures dropped 0.5% to $1,842. The U.S. Consumer Price Index (CPI) for January showed a 0.3% increase month-over-month, aligning with forecasts and bolstering the case for continued Federal Reserve rate hikes. The stronger dollar, up 0.3% against a basket of currencies, also pressured gold.