Gold prices have fallen significantly in the pre-market session as investors brace for the release of key U.S. inflation data (CPI) later today. A higher-than-expected reading could reinforce the Federal Reserve's hawkish stance, leading to further interest rate hikes. The anticipation of tighter monetary policy is strengthening the U.S. dollar and Treasury yields, increasing the opportunity cost of holding non-yielding gold and weighing on its price.