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Gold prices gained on Thursday as inflation worries coupled with the Ukraine crisis bolstered the bullion’s appeal as an inflation hedge, but the U.S. Federal Reserve’s aggressive policy stance limited gains.

Spot gold rose 0.6% to $1,936.61 per ounce by 10:49 a.m. ET (1459 GMT). U.S. gold futures were up 0.9% to $1,939.90.

“Once inflation starts to heat up again, which I think it will, it is going to work in favor (of gold), even in the face of the aggressive Fed monetary policy,” said Jim Wycoff, senior analyst at Kitco Metals.

Minutes of the Fed’s March meeting showed deepening concern inflation had broadened through the economy, with “many” participants prepared to raise interest rates in hefty 50-basis-point increments in the next few meetings.

Rising U.S. interest rates increase the opportunity cost of holding bullion while boosting the dollar.

Gold eases on higher US yields, bets of bigger rate hikes

The dollar index hovered below a two-year high touched earlier in the session, while benchmark U.S. 10-year Treasury yields also held close to a multi-year peak touched on Wednesday.

“Focus will shift to U.S. inflation data with a higher print potentially favouring gold upside,” DailyFX analyst Warren Venketas wrote in a note, adding that geopolitics will persist in influencing gold prices.

Ukraine has stepped up calls for financial sanctions crippling enough to force Moscow to end the war, while NATO members have agreed to strengthen support to Kyiv.

Silver rose 0.4% to $24.53 per ounce, platinum rose 0.3% to $955.68 and palladium rose 3.3% to $2,270.54.

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