Gold Hits Highest Since October 3
WASHINGTON (dpa-AFX) - Gold futures were higher Wednesday, extending weekly gains amid confirmation inflation is on the rise after years of anemic consumer price growth.
Dec. gold settled at $1,269.90/oz, up $7, or 0.6%, the highest since October 3.
The consumer price index rose 0.3% month-on-month and 1.5% year-on-year, according to figures released yesterday.
Gold, which acts as a hedge against inflation, has been gradually rising in reaction to the report.
The Federal Reserve's Beige Book is released this afternoon. Traders will be looking for clues about whether the Fed sees sustained economic growth.
The third and last presidential debate between Democratic nominee Hillary Clinton and Republican nominee Donald Trump taking place from 9 p.m.to 10:30 p.m. ET tonight at the University of Nevada, Las Vegas.
Copyright RTT News/dpa-AFX