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AMSTERDAM/LONDON: Gold prices fell in choppy trading on Wednesday after April’s jump in US consumer prices gave a fillip to the dollar and US Treasury yields and reduced appetite for non-yielding bullion.

Spot gold fell 0.7% to $1,824.41 per ounce by 10:47 a.m. EDT (1447 GMT).

US gold futures were down 0.7% at $1,824.20 per ounce.

“Gold has had a turbulent session so far gapping to lows on the shockingly high core CPI print but then reversing to print new highs on the day $20+ higher behind inflation fear-fuelled buying before slipping back towards lows as USD rallied behind higher yields,” said Tai Wong, head of metals derivatives trading at BMO.

He said the short-term range was likely to be $1,820-50 within the larger $1,800-1880 span.

Benchmark US 10-year Treasury yields scaled a near two-week peak.

While gold is viewed as a hedge against higher inflation that could follow stimulus measures, higher Treasury yields have weighed on gold, which is down over 3% for the year so far.

The dollar index was up 0.6%, making gold expensive for holders of other currencies, propped up by market bets for higher interest rates to rein in inflation.

But the US Federal Reserve has repeatedly said it views any inflation to be transitory in nature.

“You’re still going to see the Fed remain stubbornly accommodative here and that should provide some underlining support (to gold),” Edward Moya, senior market analyst at OANDA, said.

“What you’re going to see is that the market is going to slowly transition to viewing gold as an inflation hedge.”

Among other precious metals, palladium fell 0.8% to $2,914.71 per ounce, while platinum dipped 0.5%, to $1,228.74.

Silver dropped 1.3% to $27.27 per ounce.