Gold futures ended higher on Wednesday, whetted by the descent in dollar value after US CPI Index hits 9.1% in June. Dip in dollar value makes the green back denominated bullion cheaper for third currency holders. Additionally safe haven appeal of the bullion got spurred, as the ultra-hot inflation and the potentially aggressive interest rate hikes by Federal Reserve intensified global recession fears.
Gold futures for August up by $10.70 or 0.60% to $1735.50 ounce on the Comex division of the New York Mercantile. Spot gold was higher by 0.1% to $1728.09 per ounce.