Bengaluru — Gold steadied on Thursday, after US inflation data lifted prices over 1% in the previous session, as traders were cautious about the Federal Reserve’s policy stance amid fears of a build-up in underlying inflation pressures.
Bullion prices hit a three-month low early on Wednesday before rising as much as 1.1% after the consumer price inflation data. The inflation reading comes on the heels of the Fed raising its benchmark overnight interest rate by an aggressive half a percentage point last week — the biggest hike in 22 years — as it moves to unwind ultra-easy pandemic-era monetary policy. Bullion yields no interest, and is hence sensitive to rising US short-term interest rates and bond yields.
Meanwhile, the US dollar steadied near its highest levels in 20 years, continuing to restrain gains in greenback-priced bullion.
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