Gold prices fell on Wednesday, on track to snap a five-session winning streak, weighed down by a firmer dollar and US Treasury yields ahead of US consumer price data.

Spot gold was down 0.1% to $1,834.46 per ounce by 1044 GMT. US gold futures fell 0.1% to $1,835.10.

The much-anticipated US consumer price data is forecast to show a 3.6% lift in year-on-year prices.

"If the inflation comes in stronger, that's going to increase fears over a quicker than expected policy tightening from the Federal Reserve. That could cause yields to rise and increase the opportunity cost of holding gold," said Fawad Razaqzada, market analyst with ThinkMarkets.

"Whereas, if the numbers come in weaker then we may see gold rise to $1,850, which is a key level of resistance from where we also have the 200-day moving average come into play."

Higher inflation will likely add pressure on the Fed to bring forward rate rises, and weigh on gold, which bears no interest.

Some investors view gold as a hedge against higher inflation that could follow stimulus measures, but higher Treasury yields have weighed on non-yielding bullion's appeal this year.

Benchmark US 10-year Treasury yields scaled a more than one-week peak.

"Gold has been under pressure by rising real rates in the past six months. That said, while there is uncertainty over the Fed's appetite to let nominal rates increase, a pick-up of inflation will likely bring new buyers into the market," BofA said in a research note.

Palladium was unchanged at $2,937.22. Silver fell 0.9% to $27.38 per ounce while platinum rose 0.1% to $1,236.57.