Gold falls due to the rise of the dollar

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Gold prices fell on Thursday, as the dollar rose slightly, while investors held off making big bets ahead of the European Central Bank meeting and US inflation data released later in the day.
And spot gold fell 0.3% to $1,883.26 an ounce by 0545 GMT.US gold futures fell 0.4% to $1,888.20 an ounce.
The dollar index rose slightly to trade near 90.189 against rival currencies, which increases the cost of gold to holders of other currencies.

All eyes are on US CPI data after last month’s report showed it rose the most in nearly 12 years in April. Economists polled by Reuters estimated that the index advanced 0.4% in May.

Investors are also tracking the US weekly jobless claims data, also due today, to get more indications about the labor market recovery in the world’s largest economy.

The European Central Bank’s decision is due at 11:45 GMT. The ECB will almost certainly keep a generous flow of stimulus when policy makers meet.

As for other precious metals, silver fell 0.5% to $27.62 an ounce, palladium settled at $2777.89, while platinum fell 1.2% to $1,136.53.





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