Gold futures settled higher on Wednesday, after cooling inflation data raised expectations that the Fed reserve may pause its rate-hiking after a possible rate hike in May. Data showed that U.S Consumer Price Index (CPI) rose 0.1% in March versus expectations of a 0.2% rise, after advancing 0.4% in February. Moreover, weaker dollar rates and US Treasury bond yield notes also buoyed the investment appeal of the bullion.
Gold futures for June surged by $5.9 or 0.3% to settle at $ 2024.90 ounce on the Comex division of the New York Mercantile. Spot gold up by $1.80 or 0.09% to $2,016.73 per ounce.
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