Daily Gold Update

Source: Marketwatch

New York— Gold advanced further on Wednesday, as the dollar continued to weaken. Gold for December delivery finished up $2.90 at $746.0 an ounce on the New York Mercantile Exchange. The dollar index, which measures the dollar against a basket of major currencies, was down 0.3%. The U.S. currency continued its drop from Tuesday, after minutes from the Federal Reserve's September 18 meeting failed to dispel expectations of more rate cuts later this year.

"Bullion is higher on the back of renewed dollar weakening and a pickup in oil prices," analysts at Action Economics said in a note. "Both make gold more attractive as a hedge against inflation, and a weaker dollar also makes the precious metal cheapers for foreign investors." See full story.