Gold Declines On Firmer Dollar

Singapore: Gold prices declined on Monday as the US dollar strengthened, prompting investors to take profits after the precious metal recorded gains of more than 2% in the previous session.

The pullback came despite softer-than-expected US inflation data, which reinforced expectations that the US Federal Reserve could move toward interest rate cuts.

Spot gold fell 0.4% to $5,020.10 per ounce, after rising 2.5% in the prior session, while US gold futures for April delivery edged down 0.1% to $5,039.50 per ounce.

In other precious metals, spot silver declined 0.6% to $76.92 per ounce after gaining 3% on Friday. Platinum slipped 0.4% to $2,054.35 per ounce, while palladium rose 0.4% to $1,692.23 per ounce.

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