Gold futures settle up a 4th session in a row
Gold futures on Wednesday scored a fourth gain in a row to settle at their highest price of the year so far. Data released Wednesday showed that the U.S. inflation rate rose to a near 40-year high. "The most important takeaway for gold here is that gold is a rocket ship and inflation is its fuel," said Peter Spina, president and chief executive officer at GoldSeek.com. "Now with inflation showing itself to be baked into the system and growing recognition of inflation, gold is going to benefit in a big way." February gold rose $8.80, or 0.5%, to settle at $1,827.30 an ounce, with most-active prices ending the session at their highest since Dec. 31, FactSet data show.
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