Gold prices declined during early Asian trading hours.

Antonio Di Giacomo from XS.com noted in an email that despite U.S. consumer price growth for May meeting expectations, investors remain concerned about the inflationary impact from potential sharp increases in energy prices, driven by ongoing Middle East conflicts.

The analyst stated a significant portion of market participants currently anticipate the Federal Reserve's next interest rate hike could occur before the end of the year, a factor that may be weighing on the precious metal's price.

Spot gold fell 0.3% to $4,057.60 per ounce.