Gold prices fall sharply as stronger US inflation boosts dollar

Gold prices fell sharply on Wednesday as the dollar strengthened after US inflation accelerated more than expected.

According to Report, data from the Comex exchange showed that December gold futures were down 1.9% at $4,096.7 per ounce as of 20:02 Baku time.

By 22:07, the precious metal was trading at $4,104.8 per ounce.

US consumer prices, measured by the Consumer Price Index (CPI), rose 3.7% year-on-year in September, according to the US Department of Labor.

Inflation accelerated from 3.4% in the previous month and reached its highest level since April.

Analysts surveyed by Trading Economics had expected consumer prices to rise 3.6% in September.