Gold futures post highest finish since June

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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 GCZ21, -0.16% 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.

This article was originally published by Marketwatch.com. Read the original article here.

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