Gold futures ended higher on Tuesday after a volatile trading session that saw prices seesaw between losses and gains following the release of the January reading of the U.S. consumer price index. The cost of living rose 0.5% last month – the biggest increase in three months while the annual rate of inflation slowed to 6.4%, the lowest level in 15 months, from 6.5%. The risks that the Federal will have to “remain aggressive and send the economy into a recession are elevated,” said Edward Moya, senior market analyst at OANDA. Still, gold got a modest boost initially from the weaker dollar, as “Wall Street is still confident that the peak in rates will be reached this summer.” Gold for April delivery GCJ23, +0.08% rose $1.90, or 0.1%, to settle at $1,865.40 an ounce on Comex.
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