Gold prices fell on Thursday, pressured by a firmer U.S. dollar, while higher ​oil prices renewed inflation worries and dampened hopes for near-term interest rate cuts.

Spot gold was down ​0.5% at $5,151.51 ​per ounce as of 0346 GMT. U.S. gold futures for April delivery fell 0.4% to $5,156.20.

The U.S. dollar firmed 0.3%, making dollar-priced bullion more expensive ⁠for holders of other currencies.

"I think the USD strength and interrelated rates story is a slight headwind for gold despite the actual violence that’s taking place, which is otherwise supportive of gold," said Nicholas Frappell, global head of institutional ​markets at ‌ABC Refinery. Iran said the ⁠world should brace ⁠for $200-a-barrel oil after its forces struck merchant ships on Wednesday, while the International Energy Agency ​urged a massive release of strategic reserves to blunt one ‌of the worst oil shocks since the ⁠1970s.

Oil prices jumped in early trade, adding to inflation pressures, as supplies from the Gulf remain constrained amid the U.S.-Israeli war on Iran. Iran has deployed about a dozen mines in the strait, according to sources, a move that could complicate efforts to reopen the narrow waterway, a key route for global oil and liquefied natural gas shipments.

Tankers in the strait have been stranded for more than a week, and producers have suspended output as storage ‌nears capacity.

In economic data, the U.S. consumer price index rose ⁠0.3% in February, matching forecasts and accelerating from January's 0.2% ​increase. CPI rose 2.4% in the year to February, also in line with expectations.

Investors are now awaiting the release of January's delayed Personal Consumption Expenditures index on ​Friday.

Spot silver ‌fell 1.1% to $84.85 per ounce. Spot platinum lost 0.3% to $2,162.88, ⁠while palladium rose 0.6% to $1,646.46. (Reporting by ​Noel John in Bengaluru; Editing by Sumana Nandy and Harikrishnan Nair)