Fourth consecutive profitable session for gold

For the fourth day in a row, gold futures fell on Wednesday, as investors were alarmed by data on inflation in the US, which according to published data, reached a high of almost 40 years.

Gold for February delivery gained 0.5% to $ 1,827 an ounce.

US consumer prices rose in December, with inflation close to a four-decade high, boosting investors’ appetite for gold to offset inflation.

The dollar fell to a two-month low after making the data public, making gold more attractive to foreign investors.

Higher-than-expected key inflation figures support gold and we continue to see these inflationary pressures increase, which will support the gold situation as a hedge in the coming weeks, said David Meger, director of metal trading at High Ridge Futures.

Gold could fetch around $ 1,830, Meger added.

TD Securities analysts said in a note that the resilience of gold can be explained by strong demand and that markets have already consolidated that the Fed is expected to make 3-4 interest rate hikes by December.

Silver rose 1.3% to $ 23.05 an ounce, platinum closed 1% higher at $ 980.77 an ounce and palladium gained 1.3% to $ 1,946.61 an ounce.