WASHINGTON (dpa-AFX) - Gold prices moved higher on Wednesday, rising for a third straight session, as an escalation in the war between Russia and Ukraine pushed up the commodity's safe-haven appeal further.
Expectations of an interest rate cut in December contributed as well to the upside in gold prices.
Results of a Reuters poll revealed that 90% of economists who participated in the Nov. 12-20 Reuters poll expected a rate cut of 25 basis points in December. The CME FedWatch tool that tracks the expectations of interest rate traders also shows expectations of a quarter point cut in December at 59%.
A stronger dollar limited gold's upside. The dollar index climbed to 106.92 a little before noon, and despite easing to 106.70 subsequently, was up nearly 0.5% from its previous close.
Gold futures for November ended higher by $21.10 or about 0.8% at $2,648.20 an ounce.
Silver futures for November closed down $0.252 or 0.81% at $30.956 an ounce, while Copper futures for November climbed to $4.1470 per pound, gaining $0.0050 or 0.12%.
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