Gold prices declined again following the revival of the US dollar supported by the hawkish statements of some Federal Reserve (Fed) policy makers.
The yellow metal initially took gains by surging to near an 8-month high of $1,925 an ounce following gloomy US economic data.
The producer price index (PPI) confirmed that inflation is indeed on track for a decline, while falling US retail sales fueled fears of a recession again.
However, the price of gold again wiped out the gains significantly soon after as the US dollar showed gains again.
In the Asian session, gold traded gloomy at around $1,901 per ounce, while gold futures were weak at 1,902 per ounce.
The USD got support from the statements of several Federal Reserve (Fed) policymakers who offered hawkish statements at the New York session.
James Bullard said interest rates must continue to rise to keep inflation pressures down, while Esther George said the Fed must restore price stability to its 2% inflation target.
