GLDM - Gold edges higher again as dollar benchmark U.S. yields slide

2023-04-12 16:30:23 ET

Gold futures closed Wednesday at their highest in nearly a week, with the dollar declining as signs of cooling inflation added to hopes for a pause in U.S. rate increases.

The Consumer Price Index rose by a less than expected 0.1% in March after climbing 0.4% in February, while the core rate of inflation that omits food and energy rose 0.4%, in line with estimates.

But gold closed off earlier highs as Richmond Fed President Tom Barkin said there is "more to do to get core inflation back down" to where the Fed would like.

Spot gold ( XAUUSD:CUR ) settled +0.3% to $2,010.90/oz after rising as much as 1.3% earlier, while U.S. gold futures closed +0.2% to $2,024.80/oz.

ETFs: ( NYSEARCA: GLD ), ( GDX ), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( GLDM ), ( AAAU ), ( SGOL ), ( BAR ), ( OUNZ ), ( FOLD )

Gold futures ticked higher to $2,027.50 in electronic trading after minutes from the FOMC's March meeting, released after the settlement, showed Fed officials considered whether a pause in rate hikes would be appropriate.

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