Gold futures finished lower on Wednesday, retreating from an all-time high of day hit of $2365.30 followed by hotter expected US inflation data. Both the headline inflation rate and the core rate surpassed forecasts in March, ruled out possibility if interest rate cut in June. Higher for longer interest rates also dented investment appeal of non-yielding bullion.
Gold futures for June delivery dipped by $25.8 or 1.09% to settle at $2336.60 per ounce on the Comex division of the New York Mercantile. While, spot gold increased by $8.85 points or 0.38% to $2,342.89 an ounce.