2018.11.1414:20:00UTC+00Gold Futures Snap 4-day Losing Streak

Gold prices moved higher on Wednesday, snapping a four-day losing streak, after the dollar came off a 16-month high.

The dollar retreated from multi-month highs as concerns about Italian budget and Brexit subsided a bit and fears of a faster rate hike by the Federal Reserve eased slightly.

The Italian government has re-submitted its draft budget for next year to the European Commission, with unchanged growth and budget deficit assumptions, but falling debt targets.

On the Brexit front, U.K. Prime Minister Theresa May held an emergency cabinet meeting today to discuss a draft deal drawn up this week in Brussels.

The dollar index dropped to 96.69 after U.S. consumer price inflation data offset some recent concerns about the Federal Reserve raising interest rates faster than currently anticipated.

The dollar subsequently edged higher and was seen hovering around 97.00, down by about 0.1% from previous close.

Gold futures for December ended up $8.70, or 0.7%, at $1,210.10 an ounce, after rising to a high of $1,215.40.

On Tuesday, gold futures ended down $2.10, or 0.2%, at $1,201.40 an ounce, the lowest settlement in about five weeks.

Silver futures for December ended up $0.103, at $14.080 an ounce.

Copper futures for December settled at $2.7100 per pound, gaining $0.0230 for the session.

Data released by the Labor Department today showed consumer prices increased in line with economist estimates in the month of October, with its consumer price index rising by 0.3% in the month, after inching up by 0.1% in September. Economists had expected prices to climb by 0.3%.

Excluding food and energy prices, core consumer prices edged up by 0.2% in October after creeping up by 0.1% in September. The uptick in core prices also matched expectations. The annual rate of consumer price growth accelerated to 2.5% in October from 2.3% in September, while the annual rate of core consumer price growth slowed to 2.1% from 2.2%.

According to data released by the Cabinet Office, Japan's gross domestic product slipped a seasonally adjusted 0.3% on quarter in the third quarter of 2018.vThat was in line with expectations following the 0.7% gain in the previous three months.

On an annualized seasonally adjusted basis, GDP tumbled 1.2 percent on year - missing forecasts for a fall of 1% following the 3% jump in the three months prior.

Germany's economy contracted at a faster-than-expected pace in the third quarter, marking the first decline since the first three months of 2015 and the worst fall since early 2013, preliminary figures from the Federal Statistical Office showed on Wednesday.

Gross domestic product declined a seasonally and calendar-adjusted 0.2% in the three months to September, after expanding 0.5% in the second quarter. Economists had forecast a 0.1% drop.