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Gold futures settle higher after U.S inflation data

13 Apr 2023 Evaluate

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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