Gold Prices Fall as Stronger Dollar and US Inflation Data Fuel Fed Rate Hike Expectations

Gold prices declined, reaching their lowest level in over a week, as a strengthening U.S. dollar and hawkish statements from Federal Reserve officials bolstered expectations for an interest rate hike next month. This sentiment was reinforced by stronger-than-expected U.S. inflation data released in October. Spot gold fell 0.2% to $3,977.99 per ounce.