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Gold Prices Pull Back Off Best Levels But Close Modestly Higher

After showing a strong move to the upside early in the day, gold prices gave back ground but still managed to close modestly higher.

Gold for June delivery inched up $2.60 to $1,948.20 an ounce after reaching a high of $1,974.60 an ounce.

The precious metal initially benefitted from its appeal as a safe haven amid concerns about the outlook for monetary policy and the global economy.

Worries about the ongoing war between Russia and Ukraine and the coronavirus outbreak in Shanghai also contributed to the early advance.

Buying interest waned over the course of the session, however, with reports on consumer and producer price inflation, retail sales and industrial production likely to attract attention in the coming days.

The data may impact expectations regarding how aggressively the Federal Reserve plans to tighten monetary policy.

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