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Gold futures finished sharply higher after inflation dips

13 Jul 2023 Evaluate

Gold futures finished sharply lower on Wednesday, as the US consumer price index decreased more than expected in June boosting safe haven appeal of the bullion amid woes over deflation and on chances of dovish stance by Federal Reserve. Moreover, subdued dollar and a dip in Treasury bond yield notes lifted investment appeal of the bullion. 

Gold futures for August delivery jumped by $24.60 or 1.30% to settle at $1961.70 ounce on the Comex division of the New York Mercantile. Spot gold rose by $2.98 or 0.15% at $1,960.33 per ounce.