Gold futures finished sharply higher on Wednesday, extending gains to fifth straight session kindled by the hedge appeal of the bullion after US inflation rate posts a 31-year high rate climb. The rate of inflation has surged by 6.2% in October 2021 compared to last year same month, the highest rate since November 1990. Moreover, sharp rise in wages and supply-chain disruptions also raised market concerns supporting the safe haven appeal of the bullion. The greenback which rose by 0.9% against its peers failed to pressurize the precious metal much.
Gold futures for December climbed by 1% or $17.50 to settle at $1,848.30 an ounce on the Comex division of the New York Mercantile. Spot gold was up 0.7% at $1,843.31 per ounce.