Gold futures finished higher for seventh straight session on Wednesday. The intensified safe haven appeal of the bullion amidst mounting global uncertainties, softer dollar, renewed criticism of the Federal Reserve’s independence, and the unchanged interest rates by the Federal Reserve extended the record high level of the yellow metal. Robust central-bank buying, and sustained ETF inflows also boosted precious metal buying.
Gold futures for February delivery surged by $221 or 4.3% to $5,303.60 an ounce on the Comex division of the New York Mercantile. Spot gold soared by $120.32 or 2.22% to $ 5,537.53 an ounce.
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