Gold futures settled at their highest level since June on Wednesday, rebounding from two consecutive session declines, with surging inflation continuing to provide support for prices of the precious metal. U.S. home builders started construction on homes at a seasonally adjusted annual rate of 1.52 million in October, down 0.7% from the previous month, the U.S. Census Bureau reported Wednesday. The decline was “partially blamed on rising inflation for materials into the construction of houses,” said Jeff Wright, chief investment officer at Wolfpack Capital. “Inflation is all around us and gold is benefitting.” December gold rose $16.10, or 0.9%, to settle at $1,870.20 an ounce. That was the highest most-active contract finish since June 11, FactSet data show.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
