FX.co ★ Gold Inches Higher As Treasury Yields Slip

Gold prices inched higher on Wednesday after core U.S. inflation data rose less than expected in March, helping bring a retreat in yields on shorter-dated notes.

Spot gold rose 0.6 percent to $1,978.75 per ounce, while U.S. gold futures were up 0.2 percent at $1,979.50.

Gold prices also remain supported by signs of soaring inflation across the globe and lingering worries over the war in Ukraine.

U.K. consumer price inflation advanced to 7.0 percent in March from 6.2 percent in February, the Office for National Statistics said earlier today.

This was the highest annual inflation in the National Statistics series, which began in January 1997. It was also the highest rate in the historic modeled series since March 1992, when it stood at 7.1 percent.

Prospects for peace in Ukraine seem to fade as Russian President Vladimir Putin vowed to continue the war and U.S. President Joe Biden has called Russia's invasion of Ukraine a 'genocide,' a term his administration has been avoiding.

Putin vowed to continue the invasion of Ukraine until "full completion" of goals.

He said that peace talks were "at a dead end," and Russia's military operation was going as planned.

The U.S. aims to send more weapons to Ukraine, in a sign the war is expected to drag on.