Gold prices rally, and record prices may not be out of reach, as investors scramble for cash alternatives in the wake of strongest U.S. rate of inflation...
Gold prices rallied Wednesday, and record prices may not be far out of reach, some analysts said Wednesday, as investors scramble for cash alternatives in response to data showing U.S. inflation running the hottest in more than three decades.
“Managing expectations was once the Fed’s most powerful tool, but now they are losing control of the narrative as ongoing price rises really start to stock the perception [and] awaken the market, Spina told MarketWatch. “Real yields are falling further into negative territory and gold is gaining buying interest.”
On Wednesday, December gold GC00, +0.97% GCZ21, +0.97%, the most actively traded contract, climbed $23.60, or 1.3%, to $1,854.40 an ounce on Comex, poised for its highest settlement since mid-June, FactSet data show. U.S. benchmark stock indexes declined modestly Wednesday following the hotter-than-expected consumer inflation reading. The Dow Jones Industrial Average DJIA, -0.36% was down around 90 points, or 0.2%, while the S&P 500 SPX, -0.52% fell 0.3% and the Nasdaq Composite COMP, -1.14% edged down 0.7%.
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