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Gold was down on Thursday morning in Asia. Investors are digesting the U.S. consumer price index (CPI), which suggested inflation remains high but has peaked in April, easing some concerns about more aggressive interest rate hikes from the Federal Reserve.Gold futures were down 0.01% to $1,853.58 by 11:12 PM ET (3:13 AM GMT). The dollar, which normally moves inversely to gold, edged up on Thursday morning.The U.S. Federal Reserve raised its interest rate to 1% last week to coolinflation, the biggest hike in 22 years. Investors are concerned about the tightened policies from the Fed might induce a recession. The 10-year US yield extended a decline to 2.90%.On the data front, the U.S. will release Producer Price Index and initial jobless claims later today. San Francisco Fed President Mary Daly will speak on the same day.