Mubasher: Gold prices declined on Wednesday, for the third consecutive session, as the US dollar saw a mixed performance.

The precious metal futures declined by around 0.4% to the level of $1,277.7 per ounce, after rising for two days in a row.

Data showed a decline in inflation rate in the United States in line with forecasts, with an increase in consumer price index (CPI), which increases the probability of the US Federal Reserve raising interest rates this year.

Meanwhile, uncertainty continues regarding the tax reforms proposed by President Donald Trump, on which the US House of Representatives on Thursday.