Gold prices notch highest close in six weeks on Tuesday ahead of Wednesday’s inflation report

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Gold futures closed at their highest level since late June on Tuesday, a day ahead of a closely watched update of the consumer-price index, which could help inform the Federal Reserve’s next steps in its inflation fight. Gold for December GCZ22, -0.40% GC00, -0.40% rose 0.4%, or $7.10, to settle at $1,812.30 an ounce on Comex, the highest finish for the most-active contract since June 29, according to FactSet data. Gold has rallied for three straight weeks, helping to narrow the loss for the most-active contract in 2022 to about 3%, according to FactSet. The yellow metal rallied as stocks SPX, -0.42% fell and the ICE US Dollar index DXY, -0.05% slumped against a basket of rival currencies ahead of Wednesday’s CPI update, which is expected to show a slight easing in cost pressures from their blistering 9.1% annual pace in June.

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

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