Gold futures finished near 11-week high on Thursday as the headwinds dollar and US Treasury bond yields retreated followed by the cooler than expected US inflation rate. The slower than expected inflation rate hike buoyed investor confidence that the Fed will curtail the pace of interest rate hike.
Gold futures for December surged by $40 or 2.3% to settle at $1753.70 ounce on the Comex division of the New York Mercantile. However, spot gold dipped by $4.98 or 0.28% or $1,750.47 per ounce.