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Gold Prices Rise as Investors Seek Safe Haven Amid Rising Inflation

Gold prices rose on Tuesday as investors sought a safe haven asset amid rising inflation. The U.S. Labor Department reported that the Consumer Price Index rose 8.6% in May, the highest increase in 40 years. This data has increased concerns about the Federal Reserve raising interest rates more aggressively in an effort to combat inflation. Gold is often seen as a hedge against inflation, and its price tends to rise when inflation is high.

 

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Uploaded on June 7, 2023