Gold Holds Near September High on Signs US Inflation Slowing

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Gold futures held near the highest in almost a month as a pickup in haven demand coincided with data showing US inflation cooled in September. 

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Denting prospects for further interest-rate increases this year.

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The precious metal is heading for a second weekly gain as traders weigh the possibility of more monetary stimulus from central banks and assess the outlook for rates. 

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While the US consumer-price index rose 0.3 per cent last month. 

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It climbed less than projected and followed a 0.2 per cent advance in August that was also smaller than forecast, data showed on Wednesday.

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“The inflation report today is giving gold a little bit of a boost,” said Phil Streible, a senior market strategist at RJO Futures in Chicago.

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 “The Fed is on hold, which is bullish for gold.”

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Gold for immediate delivery was little changed at US$1,274 an ounce at 10:04 am in London. 

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After climbing to US$1,277.47 on Wednesday, the highest since September 6. 

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The metal is up 1.2 per cent this week and set for the longest run of weekly gains since June.

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