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Gold futures settle lower on Wednesday

11 May 2023 Evaluate

Gold futures settled lower on Wednesday, due to profit taking as hopes over the Federal Reserve interest rate cutting this year got diminished after U.S. April inflation report. Data showed that U.S Consumer Price Index (CPI) rose 4.9% in April, down from 5% recorded a month earlier. Month-over-month CPI in April up 0.4% after gaining 0.1% in March.

Gold futures for June narrowed by $5.8 or 0.3% to settle at $2037.10 ounce on the Comex division of the New York Mercantile. However, Spot gold rose by $0.74 or 0.04% to $2,030.83 per ounce.