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Gold futures ended Thursday with a modest loss after U.S. data showed a stronger than expected September inflation reading. “Recent gold price movements remain highly correlated to inflation expectations, not current inflation levels,” and Thursday’s consumer price index print increases the odds for continued Federal Reserve tightening, said Tom Hainlin, global investment strategist at U.S. Bank Wealth Management. Gold for December delivery GCZ22 fell 50 cents, or less than 0.1%, to settle at $1,677 an ounce on Comex after trading as low as $1,648.30.
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