Gold Gains as Traders Seek Haven Amid Persistent High Inflation

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Gold last traded at $1,786 an ounce. Silver at $24.37 an ounce.

NEWS SUMMARY: Precious metal prices rose Wednesday as investor inflation worries grew and weakened the dollar. U.S. stocks traded mixed despite better-than-expected earnings reports and a new record for bitcoin.

Bloomberg/Yahoo Finances--"Gold rose to the highest in a month as investors sought haven amid stubbornly high inflation and the looming reduction in stimulus.

The U.S. consumer price index rose in September by more than forecast, resuming a faster pace of growth and underscoring the persistence of inflationary pressures in the economy. The yield on 10-year Treasuries fell after an initial increase following the data released Wednesday, boosting demand for non-interest bearing bullion.

'Real interest rates fell and that supported gold,' said Giovanni Staunovo, a commodity analyst at UBS Group AG. 'There is a rising perception in the market that inflation could stay elevated for longer.'

Data on Thursday showed China's factory-gate prices grew at the fastest pace in almost 26 years in September, adding to global inflation risks. The U.S. producer price index rose less than expected, according to a report.

Meanwhile, minutes of last month's Federal Reserve meeting showed that officials broadly agreed they should start tapering bond purchases in mid-November or mid-December amid increasing concern about inflation. The pandemic-era stimulus measures were one of the key pillars in bullion's rally to a record last year."