March 13 (Reuters) - Gold prices were flat on Wednesday, after falling the most in a month in the previous session, as sticky U.S. inflation raised concerns an interest rate cut by the Federal Reserve may be delayed beyond June.
Spot gold was little changed at $2,157.88 per ounce, as of 0438 GMT. U.S. gold futures fell 0.1% to $2,163.20.
Gold's latest price drop comes as everything falls back to the inflation data, that feeds through into U.S. Fed's decision making, Michael Langford, chief investment officer at Scorpion Minerals Ltd said.
Langford expects a healthy correction of up to about 10% in gold prices from here.
Bullion fell 1.1% on Tuesday, after data showed U.S. consumer prices increased solidly in February, above forecasts and suggesting some stickiness in inflation. This was gold's worst single-day decline since Feb. 13, when data showed consumer prices also increased more than expected in January.
Traders slightly lowered their hopes for a June rate cut, pricing in a 67% chance, according to LSEG's interest rate probability app, down from 72% on Tuesday before the data.
There is an excess amount of money in the system and there had been a flow of funds into commodities, keeping base metals as well as gold supported so far, Langford said.
The U.S. inflation reading pushed U.S. Treasury yields and the dollar higher. The 10-year Treasury yield got an extra lift after weak demand at an auction of $39 billion of the benchmark note.
Meanwhile, markets also kept a tab on attacks on Russia's energy infrastructure from Ukraine.
Spot platinum fell 0.1% to $923.45 per ounce, palladium dropped 0.5% to $1,036.44 and silver shed 0.3% to $24.08. (Reporting by Harshit Verma in Bengaluru; Editing by Rashmi Aich and Mrigank Dhaniwala)
