​​​​​​​New Delhi, November 12: Gold futures declined for the third consecutive session on Thursday, falling by Rs 1,207 to Rs 1,38,509 per 10 grams, as stronger-than-expected US inflation data heightened concerns over further interest rate hikes by the US Federal Reserve.

On the Multi Commodity Exchange (MCX), gold contracts for December delivery dropped by Rs 1,207, or 0.86 per cent, to trade at Rs 1,38,509 per 10 grams.

Commenting on the decline, Vikram Subburaj, CEO of Giottus.com, said gold futures on the MCX were facing renewed selling pressure following the release of higher-than-expected US inflation figures.

He added that the inflation data had strengthened market expectations of further monetary policy tightening by the Federal Reserve, weighing on gold prices.