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June 9, 2021, 1:40 p.m. EDT

Gold futures tally a modest rise ahead of U.S. inflation reading

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By Myra P. Saefong

Gold futures scored a modest gain on Wednesday as investors awaited Thursday’s U.S. consumer price index reading. Gold has struggled to hold a close above $1,900 recently, and while 10-year U.S. Treasury yields have moved lower, "this hasn't had the same bullish impetus for gold as it previously has," said David Russell, director of marketing at GoldCore. This may be due to the Federal Reserve "working hard to talk down inflation expectations and as a result, keeping real yields constrained." Still, all eyes will be on the inflation figures due to be released Thursday, he said. "If a lower than expected figure is seen, then expect gold to sell off in the short term," while a higher than expected number "may very well give gold the fillip it needs to break resistance and start the next leg in this bullish cycle." August gold rose $1.10, or nearly 0.1%, to settle at $1,895.50 an ounce.

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