Gold futures climbed on Wednesday, tacking on more than 1% to score their largest single-session rise since the end of July. Prices for the metal had been under increased pressure in recent weeks amid “surprisingly resilient U.S. economic data and concerns over the Federal Reserve’s likely response,” wrote analysts at UBS in a Wednesday note. Still, gold still looks attractive as a long-term portfolio hedge, especially given “the uncertain global growth outlook, volatile equity market dynamics, and unsettled geopolitics,” they said. December gold GCZ23, +1.05% climbed $22.10, or nearly 1.2%, to settle at $1,948.10 an ounce on Comex.
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