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May 11, 2022, 1:35 p.m. EDT

Gold prices rise Wednesday, a day after settling at a 3-month low

Gold futures ended Wednesday with a gain, as traders digested a reading on inflation that came in higher than expected. Gold for June delivery rose about 0.7%, up $12.70, to settle at $1,853.70 an ounce on Comex. The April consumer price index showed inflation at a 8.3% annual rate, down from 8.6% the previous month, according to government data. While it marked the first time in five months the index hasn't climbed at the fastest rate in 40 years, the reading also underscored the pain American households likely will feel for some time from price pressures. In other haven plays, the ICE US Dollar index's (IFUS:DXY) recent surge took a breather Wednesday after rising to its highest in two decades. The 10-year Treasury rate also edged lower at 2.92%.

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