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April 11, 2022

Gold prices higher in early Asian trading Monday

Gold futures for June delivery rose 0.4% to close at $1,945.60 an ounce on Comex, leaving it up 1.1% for the week.

“Gold is trading around the same level it was yesterday, the day before that, the day before that and so on. Despite the spike in volatility seen elsewhere this week as a result of the hawkish Fed shift, gold has been unmoved,” said Craig Erlam, senior market analyst at Oanda.

Analysts said gold’s role as an inflation hedge appears to be buoying the metal, with an important cost of living due Tuesday with release of the March consumer price index.

“The CPI report will be the economic event of the week,” David Donabedian, chief investment officer of CIBC Private Wealth US. “We expect inflation to surge above 8%. We know the commodity component will spike and will be paying particular attention to the core inflation rate, particularly services and shelter.”

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