Gold futures end lower as the U.S. dollar strengthens after inflation data

Gold futures settled lower on Tuesday, pressured by strength in the U.S. dollar, which got a boost after data showed the consumer price index rose by 0.1% in August, contrary to a drop of 0.1% expected by economists polled by The Wall Street Journal. Excluding food and energy prices, the core rate of inflation rose by 0.6%, raising the likelihood that the Federal Reserve will decide to sharply raise interest rates in an effort to tame inflation. December gold GCZ22, -1.48% fell $23.20, or 1.3%, to settle at $1,717.40 an ounce on Comex.