Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday on higher than expected inflation data in the United States.
The most active gold contract for December delivery fell 4.30 U.S. dollars, or 0.23 percent, to close at 1,883.00 dollars per ounce.
The U.S. Labor Department reported Thursday that U.S. consumer price index, a gauge of inflation, rose 0.4 percent month on month and 3.7 percent year on year in September, higher than economists’ estimates of 0.3 percent and 3.6 percent, respectively.
The U.S. dollar index and U.S. Treasury yields rose following the release of the inflation data, dampening gold.
Gold was under additional pressure as Barrick Gold, a Canadian mining company, announced on Thursday that its gold production rose by nearly 3 percent for the third quarter.
Silver for December delivery fell 17.40 cents, or 0.79 percent, to close at 21.959 dollars per ounce. Platinum for January delivery fell 17.20 dollars, or 1.93 percent, to close at 875.80 dollars per ounce.
