Gold futures finished lower on Wednesday after data on U.S. inflation revealed a jump in April to the highest level in nearly 13 years. The Consumer Price Index data led to “a very fast sell reaction in gold market along with anticipation the [Federal Reserve] will have to do something to stem inflation tide in near term as part of their mandate for price stability along with full employment,” said Jeff Wright, chief investment officer at Wolfpack Capital. June gold fell $13.30, or 0.7%, to settle at $1,822.80 an ounce. Prices fell by nearly 0.1% on Tuesday, but ended Monday at the highest since Feb. 10.
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