WASHINGTON (dpa-AFX) - Gold prices pared early gains and drifted lower on Wednesday, extending losses to a fourth straight session, as the dollar recovered from early weakness after data showed inflationary pressures remain persistent.
The dollar index rose to a 52-week high of 106.54 today, gaining about 0.5%.
Gold futures for November ended down $19.20 or about 0.74% at $2,580.80 an ounce.
Silver futures for November settled lower by $0.096 or about 0.31% at $30.590 an ounce, while Copper futures for November dropped to $4.0640 per pound, down $0.0555 or about 1.35% from previous close.
Data from the Labor Department said the consumer price index crept up by 0.2% in October, matching the upticks seen in each of the three previous months as well as expectations.
The report also said the annual rate of consumer price growth accelerated to 2.6% in October from 2.4% in September. The faster growth also came in line with economist estimates.
Excluding food and energy prices, core consumer prices climbed by 0.3% in October, matching the increases seen in each of the two previous months along with expectations. The annual rate of core consumer price growth was unchanged from the previous month at 3.3 percent, which was also in line with estimates.
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