Gold futures post back-to-back session gains
Gold futures rose on Wednesday, settling higher for a second straight session. “Inflation concerns are supporting gold prices,” said Chintan Karnani, director of research at Insignia Consultants. The yellow metal is still trading in the $1,750 to $1,800 range, but it will break free from that range, as physical demand is very high in Asia, he said. In the short term, however, gold has to show signs of trading over $1,800 for prices to rally, said Karnani. December gold
climbed by $14.40, or 0.8%, to settle at $1,784.90 an ounce. After the release of the Federal Reserve’s Beige Book report, prices traded at $1,786.40 in electronic trading.