Globally.. gold prices decline as inflation rises

Gold prices declined on Wednesday as hopes for interest rate cuts by the US Federal Reserve receded, following the release of stronger-than-expected US inflation data. Spot gold fell by 0.4% to reach $4,695.99 per ounce, while US gold futures for June delivery rose by 0.4% to $4,705.30. US data showed consumer inflation rose in April, marking the largest annual increase in three years, reinforcing market expectations of keeping interest rates high for longer, with decreasing chances of cuts this year. Investors are also watching the upcoming summit between US President Donald Trump and his Chinese counterpart Xi Jinping in Beijing, which will address the Iranian war and developments in the Strait of Hormuz, amidst ongoing regional geopolitical tensions. In India, the government raised customs duties on gold and silver imports from 6% to 15%, as part of measures aimed at reducing imports and limiting pressure on foreign exchange reserves.