CHICAGO, April 12 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Wednesday as U.S. inflation is smaller than expected.

File photo: CGTN

The U.S. Labor Department reported Wednesday the U.S. consumer price index (CPI) rose 0.1 percent in March, below market estimates; and the yearly rate of inflation slowed to 5 percent from 6 percent, the lowest level since May 2021. Excluding food and energy, the core CPI accelerated 0.4 percent and 5.6 percent, both as expected.

Slowdown in rate of inflation signals that the Federal Reserve may soon end its interest rate hike cycle. The U.S. dollar index dropped following the inflation data.

Nevertheless, speaking Wednesday at the 2023 Investing in Rural America conference in Roanoke, Virginia, Richmond Fed President Tom Barkin said the Federal Reserve has more to do to get inflation under control.

San Francisco Federal Reserve Bank President Mary Daly has a similar tone. Speaking to the Salt Lake Chamber in Salt Lake City, Utah, Wednesday, she said: "looking ahead, there are good reasons to think that policy may have to tighten more to bring inflation down."

Silver for May delivery rose 27.20 cents, or 1.08 percent, to close at 25.458 dollars per ounce. Platinum for July delivery rose 22.40 dollars, or 2.23 percent, to close at 1,027.50 dollars per ounce.