Precious metals traded with losses on Tuesday, with gold and silver dropping over 1% after the latest report showed that U.S. annual inflation stood at 3.2% in February, showing better-than-expected results. The latest inflation data could influence the U.S. Federal Reserve’s interest rate decision next week, which appears to be driving precious metal prices down.

At 9:36 ET, gold fell 1.12% to $2,158.30 per ounce. Silver dropped 1.40% at the same time to trade at $24.12 per ounce. A minute later, platinum fell 2.52%, trading at $915.09 per ounce, while palladium sank 1.89% to $999.39 per ounce.