By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia, hitting its lowest level since February 11, as investors eyed the and inflation data.

By 11:06PM ET (3:06 GMT), they were down 0.2% to $1.836.96

Although the Dollar moved in the opposite direction to gold on Wednesday, it was still a small mover. Five weeks of dollar gains have been fueled by the U.S. Federal Reserve’s tightened inflation policy.

Fed officials raised interest rates by 1% last week. Officials from the Fed reiterated Tuesday their support for aggressive efforts to stop the fastest inflation rates in forty years.

“I know that families all across America are hurting because of inflation,” U.S. President Joe Biden said in a speech a day before the came out.

“I want every American to know that I am taking inflation very seriously and it is my top domestic priority.”

As investors expect additional increases of the same magnitude from the Fed, they await , due later in the day, for more clues on the Fed’s monetary policies. Investing.com forecasts that the number would moderate, but remain above 8%.

The Westpac Melbourne Institute Index showed that Asia Pacific’s May release fell by 5.6% from April. Household spending is being affected by rising inflation and higher interest rates.

Silver fell 0.1% in other precious metals. The price of platinum rose 0.1% and palladium declined 1.2%.