Daily Gold Update

Source: Marketwatch

New York— Gold rallied to another record high Wednesday, eclipsing $1,150 an ounce, as weakness in the dollar enhanced its investment appeal. The metal's 10-week spike is the result of "neither inflation nor geopolitical developments. The dollar-carry trade, as applied to the commodities sector, remains the suspect of choice," Jon Nadler, senior analyst at Kitco Metals Inc., wrote in a note. Gold for December delivery hit an intraday high of $1,153.40 an ounce on the Comex division of the New York Mercantile Exchange. December gold finished at $1,141.20 an ounce, up $1.80, or less than 0.1%.

Earlier Wednesday, the government reported U.S. consumer prices climbed 0.3% in October. Excluding food and energy, prices rose 0.2%. Read more about the acceleration of U.S. inflation last month. Gold traders typically look at the consumer-prices report, which tracks inflation at the retail level, for direction, in light of the impact this data have on currency markets and on gold itself. The metal's widely viewed as a hedge against inflation. See full story.