Gold edges up in Asia as traders bet on inflation

Gold edges up in Asia as traders bet on inflation

On Thursday, gold soared in Asia, with the everlasting debate as for inflation prospects in 2018 driving market sentiment.

December delivery gold futures inched up 0.08% in New York being worth $1,278.74 a troy ounce.

Overnight, the number one precious metal dived after the US currency moved off intraday minimums following signs that fourth quarter economic surge was still solid, thus cementing investor hopes that the Fed will lift rates for the third time in 2017 in December.

A couple of reports on inflation and retail sales raised the greenback, putting pressure on gold to retreat from maximums as gold was still on track to report a loss for the first time this week.

On Wednesday, the Labor Department told that its Consumer Price Index rallied 0.1% the previous month having jumped 0.5% in September.

The previous month retail sales tacked on 0.2%, as the Commerce Department informed on Wednesday. It confounded hopes for a 0.1% leap.

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