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Gold near highest since November as traders seek inflation hedge

Gold held near the highest level in almost two months amid demand for an inflation hedge, while the bond market sell-off stalled and US equities continued to retreat.

President Joe Biden said it’s the Federal Reserve’s job to rein in the fastest pace of inflation in decades, and supported the central bank’s plans to scale back monetary stimulus. The yield on 10-year Treasuries slipped from the highest level since January 2020, while the S&P 500 fell 1% Wednesday.

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