CPI rose 0.6% last month from December, the Labor Department said, while in the 12 months through January, the CPI jumped 7.5%, the biggest year-on-year increase since February 1982
A robust inflation reading is expected to burnish gold's appeal as an inflation hedge, but interest rate hikes would raise the opportunity cost of holding non-yielding bullion
If the jobs report out of the United States encourages the Fed's hawkish mood, it should lead to a significant breakdown in gold, DailyFX currency strategist Ilya Spivak said
The Aussie was huddled at $0.7036, having shed 2.5% last week to the lowest since July 2020 at $0.6967
Dollar steadily rose in a week highlighted by a more hawkish tone coming out of a Federal Reserve meeting
The dollar was in the limelight even as broader currency markets quietened somewhat after an eventful week in global markets punctuated by a hawkish Federal Reserve meeting
The Aussie was stuck at $0.7094, having shed 0.5% overnight to test the recent two-month trough of $0.7090
Tensions in Ukraine have been increasing for months after the Kremlin massed troops near its borders, which the West says is preparation for a war to prevent Ukraine from joining NATO
Federal Reserve Chair Jerome Powell on Tuesday gave no clear indication that the Fed was in a rush to speed up plans for tightening monetary policy
Turkey's lira steadied and held to its recent gains amid a rollercoaster ride for the currency this week
The blue-chip Dow posted its best one-day percentage gain since March with Boeing Co providing the biggest lift
The dollar index against major currencies was up 01% in the afternoon in New York after having fallen 0.3% in the morning
All three major US stock indices opened the trading day lower
Spot gold dropped 0.6% to $1,851.31 per ounce by 0928 GMT, after hitting a five-month peak on Wednesday
The dollar rose on Thursday, hitting a 16-month high a day after the strongest US inflation reading in more than three decades
Gold prices edged lower, weighed down by an uptick in the dollar
The dollar index , which measures the currency against six rivals, declined 0.19% to 93.311 from Friday, when it climbed as high as 93.734 for the first time since Nov. 4
Spot gold was down 0.2% at $1,861.96 per ounce, as of 0224 GMT, after falling to its lowest since May 17 at $1,843.99 on Monday
Global equity markets rebounded as robust US, China and eurozone factory data offset lockdowns in Europe to combat record Covid-19 cases, while the dollar and gold rose on US election jitters
Experts say EM market equities, currencies may remain weak unless there is positive news