Gold futures climbed on Thursday to settle at their highest since late April after data revealed that the U.S. cost of living in December fell for the first time since the onset of the pandemic in 2020. The data raised expectations for slower Federal Reserve interest-rate hikes and pressured the U.S. dollar, providing support for precious metals. Gold for February delivery GCG23 rose $19.90, or 1.1%, to settle at $1,898.80 an ounce on Comex, the highest most-active contract finish since April 29, FactSet data show.
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