Gold futures climbed by more than 1% on Wednesday to settle at their highest since mid-June, supported by weakness in the U.S. dollar and declines in Treasury yields in the wake of a weaker-than-expected June U.S. consumer price index reading. The price for gold has become more “bullish on the back of the U.S. CPI data, as traders don’t expect the Fed to chop more wood now,” meaning that the central bank may soon end its cycle of interest-rate hikes, said Naeem Aslam, chief investment officer at Zaye Capital Markets. Gold for August delivery GCQ23 rose $24.60, or 1.3%, to settle at $1,961.70 an ounce on Comex. That was the highest most-active contract finish since June 16, FactSet data show.
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