© Reuters.
By Gina Lee
Investing.com – Gold was down on Wednesday morning in Asia, after gaining as much as 1% during the previous session, with investors digesting the latest U.S. inflation data.
were down 0.26% to $1,970.90 by 12:46 AM ET (4:46 AM GMT), after hitting a near one-month peak of $1,978.21 on Tuesday. The , which normally moves inversely to gold, inched down on Wednesday but remained near May 2020 highs.
U.S. Treasury yields inched down on Tuesday, with the benchmark set for its first fall in eight sessions.
Although data released on Tuesday showed the , there was a small glimmer of hope that price pressures may have peaked.
The data showed that the consumer price index (CPI) rose 8.5% and 1.2% in March 2022. The core CPI rose 6.5% and 0.3% .
The war in Ukraine drove gasoline prices to record highs, making a strong case for the U.S. Federal Reserve to hike interest rates by 50 basis points at its next meeting in May.
The war shows no sign of ending and Russian President Vladimir Putin has also vowed to press on. The U.S. is also expected to send more weapons to Ukraine.
In Asia Pacific, the hiked its interest rate to 1.5% as it handed down its policy decision earlier in the day, with the following later in the day. The and the will hand down their respective decisions on Thursday.
Holdings of the SPDR Gold Trust (P:) were up 0.2% to 1,093.10 tons on Tuesday.
In other precious metals, was flat at $25.36 per ounce, while was up 0.3% and rose 1.1%.
