Investing.com - Gold prices rose in Asian trading on Wednesday amid a global risk-on trading session after Moody's said it was sticking with Spain's debt ratings.
Moody's Investors Service confirmed Spain's Baa3 government bond rating as well as the country's short-term rating at (P)Prime-3.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.38% at USD1,752.95 a troy ounce, up from a session low of USD1,750.45 and down from a high of USD1,753.25 a troy ounce.
Gold futures were likely to test support at USD1,730.15 a troy ounce, Monday's low, and resistance at USD1,774.95, Friday's high.
Moody's assigned a negative outlook to the rating, though investors went long on higher-yielding currencies and sold off the dollar, gold's traditional hedge.
Hopes that Spain will request a bailout and become eligible to participate in the European Central Bank's bond-buying program sent the dollar falling, the euro rising and with it, gold prices as well.
Inflation data out of the U.S. sent the yellow metal posting further gains.
The U.S. Labor Department reported earlier that its month-on-month consumer price index rose by 0.6% in September, above expectations for a 0.5% gain basically due to higher gasoline prices.
Consumer prices rose at an annualized rate of 2.0% last month, compared to expectations for a 1.9% increase and up from 1.7% in August.
Core inflation rates, stripped of volatile food and energy prices, revealed the prices remain stable in the U.S.
Core inflation rates rose 2.0% on year, in line with expectations and up from 1.9% in August.
Month-on-month core inflation rates dropped 0.1% in September.
Elsewhere on the Comex, silver for December delivery was up 0.53% and trading at USD33.135 a troy ounce, while copper for December delivery was up 0.28% and trading at USD3.720 a pound.
Moody's Investors Service confirmed Spain's Baa3 government bond rating as well as the country's short-term rating at (P)Prime-3.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.38% at USD1,752.95 a troy ounce, up from a session low of USD1,750.45 and down from a high of USD1,753.25 a troy ounce.
Gold futures were likely to test support at USD1,730.15 a troy ounce, Monday's low, and resistance at USD1,774.95, Friday's high.
Moody's assigned a negative outlook to the rating, though investors went long on higher-yielding currencies and sold off the dollar, gold's traditional hedge.
Hopes that Spain will request a bailout and become eligible to participate in the European Central Bank's bond-buying program sent the dollar falling, the euro rising and with it, gold prices as well.
Inflation data out of the U.S. sent the yellow metal posting further gains.
The U.S. Labor Department reported earlier that its month-on-month consumer price index rose by 0.6% in September, above expectations for a 0.5% gain basically due to higher gasoline prices.
Consumer prices rose at an annualized rate of 2.0% last month, compared to expectations for a 1.9% increase and up from 1.7% in August.
Core inflation rates, stripped of volatile food and energy prices, revealed the prices remain stable in the U.S.
Core inflation rates rose 2.0% on year, in line with expectations and up from 1.9% in August.
Month-on-month core inflation rates dropped 0.1% in September.
Elsewhere on the Comex, silver for December delivery was up 0.53% and trading at USD33.135 a troy ounce, while copper for December delivery was up 0.28% and trading at USD3.720 a pound.