Gold climbed higher on Wednesday after hotter-than-expected US inflation fueled expectations that the Federal Reserve will maintain a path of aggressive interest-rate hikes.
Spot gold gained 0.8% to $1,853.84 per ounce by 12:20 p.m. ET, but is still tracking lower on a weekly basis. US gold futures were 0.6% higher at $1,851.60 per ounce.
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