As markets anticipated additional clues on U.S. monetary policy from a crucial inflation measurement that was scheduled for later in the day, gold prices modestly declined on Thursday, marking the end of a recent rise in the yellow metal.

Spot gold slumped by 0.1% to $2,042.10 per ounce, meanwhile gold futures slipped 0.2% to $2,044.10 per ounce. Both had gained 2.5% to 3.1%, marking their second consecutive month of significant increases.

But despite robust increases in November because to hopes of a less aggressive stance from Fed, a weaker dollar, and some rise in demand for safe haven assets, the price of yellow metal stayed near a seven-month top touched earlier this week.

This week, gold saw incredible gains as several Fed members stated that the central bank is unlikely to raise interest rates any more due to recent decreases in inflation, and that further softening of inflation may possibly lead to rate cuts in early 2024.