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Gold futures finish sharply lower after hotter than expected CPI data

14 Feb 2024 Evaluate

Gold futures finished sharply lower on Tuesday, as the hotter than expected US' CPI data dampened interest rate cut hopes by Federal Reserve. Moreover, diplomatic talks in Beirut pointing potential progress towards bringing down Israel-Hamas geopolitical tensions also dulled safe haven bullion bets.

Gold futures for April delivery down by $25.80 or 1.2% to settle at $2007.20 per ounce on the Comex division of the New York Mercantile. Spot gold dipped by $ 0.66 points or 0.05% to $ 1,992.49 ounce.