Gold settles at a 3 1/2-month high
Gold climbed on Wednesday with the prospect of an interest-rate reduction by the Federal Reserve, amid signs of economic weakness in the U.S., lifting the metal’s price to its highest finish in 3½ months.
“The ADP data was a huge disappointment for the dollar bulls. Usually this number sets the tone for the biggest economic number, the U.S. [nonfarm payrolls due for release Friday morning] and it appears that this week [that report] is also going to print a soft number,” said Naeem Aslam, chief market analyst at ThinkMarkets UK.
Gold for August delivery on Comex GCM19, +0.28% rose $4.90, or 0.4%, to settle at $1,333.60 an ounce. Most-active contract prices haven’t settled at a level this high since Feb. 20, according to FactSet data.
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