Gold prices fell Thursday evening as a stronger dollar and rising U.S. Treasury yields weighed on the precious metal, following inflation data that reduced expectations of an imminent Federal Reserve rate cut.

Gold prices gained on Friday, helped by a pullback in the dollar, although bullion was headed for a weekly fall as hotter-than-expected U.S. inflation data dented expectations for a super-sized 50-basis-point (bps) Federal Reserve rate cut.

Gold consolidated in the early Asian session trade, but may be weighed down by easing prospects for Fed rate cuts.