Gold declines in the face of a rising dollar and renewed concerns about inflation

Gold prices fell today, under pressure from the rise in the dollar, while rising oil prices renewed concerns about inflation and interest rate cuts in the near term.

By 01:03 GMT, the price of gold in spot transactions fell 0.2 percent to $5,165.73 per ounce.

US gold futures for April delivery fell 0.2 percent to $5,171.40.

As for economic data, the US Consumer Price Index rose 0.3 percent in February, in line with expectations, compared to a 0.2 percent increase in January.

The index rose 2.4 percent since the beginning of the year until February, also in line with expectations.

Investors are now awaiting the release of personal consumption expenditures index data for January tomorrow, Friday, after it was delayed.

As for other precious metals, the price of silver in spot transactions settled at $85.82 per ounce.

The price of platinum in spot transactions rose 0.3 percent to $2,175.32, and palladium increased 0.6 percent to $1,646.17.