Gold was able to cut its losses early on Wednesday and hit a four-year high after the U.S. dollar retreated due to weak inflation and retail sales data. According to Binary Tribune, this downcast data lessened investor expectations of an earlier-than-expected interest rate increase by the Federal Reserve.
Earlier today, Binary Tribune reported that Comex gold for settlement in December reversed earlier losses and rose by 0.13 percent to $1,235.9 per troy ounce, having just hit a four-week high of $1,239.6. Gold rose for a second day on Tuesday and ended up 0.35 percent higher at $1,234.3. The retreat that the U.S. dollar index showed yesterday may have been a key driver in gold's early Wednesday gain.
Gold's Wednesday high didn't last long, however. Later in the morning, Bloomberg reported that gold had fallen again, leaving its four-year summit as the dollar stabilized again. Gold for December delivery fell 0.5 percent to $1,227.70 an ounce by 7:36 a.m. on the Comex in New York after it reached $1,238.60 yesterday, which marked the highest level since Sept. 17. Gold for immediate delivery dropped 0.4 percent to $1,227.61 in London, according to Bloomberg generic pricing.
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