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Gold rises as U.S. inflation slows

CHICAGO, July 12 (Xinhua) — Gold futures on the COMEX section of the New York Mercantile Exchange rose on Wednesday as inflation slowed in the US.

The most active gold contract for August delivery rose $24.60 (1.27%) to close at $1,961.70 an ounce.

The U.S. Department of Labor reported Wednesday that the U.S. Consumer Price Index (CPI) rose 0.2% in June, up 3% year-on-year and to its lowest level since March 2021. Core CPI, which excludes food and energy, rose 0.2%, up 4.8%. Each.

Falling U.S. dollar indexes and U.S. Treasury yields on the back of weaker-than-expected inflation growth have also fueled market hopes that the Federal Reserve will soon end its rate-hiking cycle, market analysts say. is watching

Richmond Fed President Thomas Barkin said Wednesday in Arnold, Maryland, that U.S. consumer price growth slowed in June but is still too fast, bolstering the central bank’s commitment to return inflation to its target rate. expressed again.

“Inflation is too high,” Mr. Birkin said. “Exiting too soon will cause inflation to rebound and require more action from the Fed.”

Minneapolis Fed President Neil Kashkari said in a blog post on bank stability that U.S. banking regulators will implement a new “high inflation” stress test to identify banks at risk and reduce capital He said there should be a more accurate picture of the shortages.

Kashkari said the prospects for some regional banks depended “to a large extent” on what happens to inflation.

Silver for September delivery rose $1.029, or 4.42%, to close at $24.31 an ounce. Platinum for October delivery rose $24.20, or 2.60%, to close at $956.60 an ounce. Gold rises as U.S. inflation slows

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