On Wednesday gold futures rose for a fourth session in a row to hit a three-month high as a broadly weaker U.S. dollar coupled with ongoing expectations that the Federal Reserve will delay hiking interest rates until 2016 boosted the appeal of the precious metal. Meanwhile, copper declined impacted by downbeat China CPI.
Comex gold for December delivery hit an intraday peak of $1,174.50 a troy ounce, the highest level since June 30, before consolidating at $1,174.00 during European morning hours, up 0.74%.
Yesterday gold inched up 90 cents, or 0.08%.
Comex silver for December delivery was last up 0.68% to $16.015 an ounce.
Investors were looking ahead to U.S. economic reports on retail sales and producer price inflation later in the day for further clues as to the future path of interest rates.
Meanwhile, December Comex copper dipped 0.10%, to hit $2.385 a pound during morning hours.
Government data released earlier signaled that Chinese producer prices fell 5.9% in September, the 43rd straight monthly decline and matching the worst reading since October 2009.
Consumer prices climbed 1.6% last month, below expectations for 1.8% and down from 2.0% in August.
The weak inflation data added to expectations Beijing will have to launch further stimulus measures to boost growth.
