Gold Prices Retreat as Inflation Concerns ResurfaceSingapore, 12 Mar 2026 (ONA) —- Gold prices declined today under pressure from a strengthening dollar, while surging oil prices reignited inflation concerns and diminished hopes for near-term interest rate cuts.Spot gold fell 0.2 percent to USD 5,165.73 per ounce, while US gold futures for April delivery also dipped 0.2 percent to USD 5,171.40.The dollar advanced 0.2 percent, rendering dollar-denominated commodities such as gold more expensive for holders of other currencies.Oil prices surged at the opening of trading, exacerbating inflationary pressures as supplies from the Gulf remain constrained amid the US-Israeli war on Iran.The Middle East conflict has effectively sealed the Strait of Hormuz, leaving tankers stranded for over a week and forcing producers to halt output as storage capacity approaches its limits.On the economic data front, the US Consumer Price Index rose 0.3 percent in February, aligning with expectations compared to January’s 0.2 percent increase. The index posted a 2.4 percent gain from the beginning of the year through February, also matching forecasts.Investors now await tomorrow’s release of January Personal Consumption Expenditures data, which has been delayed.Among other precious metals, spot silver held steady at USD 85.82 per ounce, while spot platinum gained 0.3 percent to USD 2,175.32 and palladium advanced 0.6 percent to USD 1,646.17.—- Ends/Khalid