By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia, after gaining as much as 1% during the previous session, with investors digesting the latest U.S. inflation data.

They were at $1,970.90 (or 4:46 GMT) by noon ET, down 0.2% after reaching a close to one-month high of $1,978.21 Tuesday. Although the, which is normally inversely related to gold, fell slightly on Wednesday, it remained close to its May 2020 peak.

On Tuesday, U.S. Treasury yields fell slightly with the benchmark for their first fall in eight sessions.

Data released Tuesday indicated that the had fallen to, but there were hints of possibility that prices may be at an end.

Data showed that 8.5% was recorded in the Consumer Price Index (CPI). 1.2% The March 2022. The core CPI rose 6.5% and 0.3% .

Due to the war in Ukraine, gasoline prices reached record levels. This makes it a compelling case that the U.S. Federal Reserve should raise interest rates 50 basis points by May 2022.

Russian President Vladimir Putin vows to keep the war going, despite it being triggered by the Russian invasion of Ukraine on February 24, 2014. It is expected that the U.S. will also send additional weapons to Ukraine.

Asia Pacific saw the increase in its interest rates to 1.5%. The policy decision was made earlier in today, and the subsequent later that day. Both the and will deliver their respective decisions Thursday.

The SPDR Gold Trust (P) held 0.2% more than usual, at 1,093.10 ton on Tuesday.

Other precious metals were flat at $25.36 an ounce while it was up 0.3%, and rose 1.1%.