WASHINGTON (dpa-AFX) - Gold futures settled higher on Thursday, extending gains to a sixth straight session, despite the dollar's continued strength.
The latest data showing an acceleration in U.S. consumer price index has raised speculation that the Federal Reserve might hike interest rates sooner than earlier thought.
The dollar index climbed to 95.18, gaining about 0.35%.
Gold futures for December ended up by $15.60 or about 0.8% at $1,863.90 an ounce, the highest settlement since June 14.
Silver futures for December ended higher by $0.454 at $24.772 an ounce, while Copper futures for December settled at $4.3230 per pound, down $0.0500 from the previous close.
Data released by the Labor Department on Wednesday showed the consumer price index jumped by 0.9% in October after rising by 0.4% in September. Economists had expected consumer prices to climb by 0.6%.
Excluding higher prices for food and energy, core consumer prices still increased by 0.6% in October after inching up by 0.2% in September. Core prices were expected to rise by 0.4%.
The Labor Department also said the annual rate of growth in consumer prices accelerated to 6.2% in October from 5.4% in September, reaching the highest level since November of 1990. The annual rate of growth in core prices also accelerated to 4.6% from 4%, reflecting the biggest jump in prices since August of 1991.
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