Gold prices shed over 1% on rising dollar

Gold prices continued to drop today, Feb. 15, as the dollar strengthened after data on continued inflation in the US fueled fears that the Federal Reserve would continue to tighten monetary policy.

Gold futures for April delivery traded 1.18% lower at $1,843.3 per ounce at 11:20 Makkah time.

Spot gold slipped 0.99%, or $18.27, to $1,836.04 per ounce.

Silver futures for March delivery shed 1.57% to $21.53 per ounce. Spot platinum was 0.78% lower at $927.82. Palladium dropped 2.10% to $1.454.94.

Fed officials said on Tuesday that the US central bank will have to keep raising rates gradually to beat inflation.