Gold futures finish lower after data show a jump in U.S. inflation
Gold futures finished lower (http://www.marketwatch.com/story/gold-prices-edge-lower-threaten-first-back-to-back-decline-in-may-as-traders-await-inflation-update-11620821816) on Wednesday after data on U.S. inflation (http://www.marketwatch.com/story/u-s-inflation-climbs-in-april-to-the-highest-level-in-13-years-cpi-shows-11620823628) revealed a jump in April to the highest level in nearly 13 years. The Consumer Price Index data led to "a very fast sell reaction in gold market along with anticipation the [Federal Reserve] will have to do something to stem inflation tide in near term as part of their mandate for price stability along with full employment," said Jeff Wright, chief investment officer at Wolfpack Capital. June gold fell $13.30, or 0.7%, to settle at $1,822.80 an ounce. Prices fell by nearly 0.1% on Tuesday, but ended Monday at the highest since Feb. 10.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 12, 2021 13:37 ET (17:37 GMT)
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