Gold futures settle at highest since late August

Gold futures climbed Thursday to settle at their highest since late August, buoyed by a retreat in the U.S. dollar and Treasury yields on the back of a smaller-than-expected monthly rise in U.S. inflation. A cool inflation report has made markets confident that the Federal Reserve can “downshift to half-point rate hiking pace and possibly be done with tightening after the March FOMC meeting,” said Edward Moya, senior market analyst at OANDA. Gold for December delivery
GCZ22,
+0.13%
rose $40, or 2.3%, to settle at $1,753.70 an ounce on Comex, the highest most-active contract finish since Aug. 25, according to Dow Jones Market Data.