Gold Reaches One Month High Near $1250 after U.S. Data

Gold touched a one-month high on Wednesday after soft U.S. data knocked the dollar lower against a basket of currencies and weighed on stock markets, boosting the metal’s appeal as an alternative asset.

A recovery in the dollar had prevented gold from gaining traction after it rebounded last week from its lowest since mid-2013. The dollar’s slide on Wednesday helped gold push back to a peak of $1,249.30 an ounce, its highest since Sept. 11.

Spot gold was up 0.7 percent at $1,241 an ounce, while U.S. gold futures for December delivery settled up $10.50 an ounce at $1,244.80 in unusually heavy trading volume, preliminary Reuters data showed.


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