Gold logs largest 1-day price gain in nearly a month

Gold futures logged their largest single-session price gain in nearly a month on Wednesday, after a U.S. consumer-price report suggested that inflation might be short of the Federal Reserve’s target levels to support a rate hike.

Gold for December delivery GCZ5, +0.04%  added $16.40, or 1.5%, to settle at $1,119 an ounce on Comex. The price move marked gold’s highest settlement in just over a week, after failing to score a session point or percentage gain this high since Aug. 20., when gold soared 2.2%, gaining $25.30, on dovish Fed minutes and a the beginning of a stock rout spurred by unease about China’s sluggish economy.

“Price action in gold is ultra-sensitive…as everyone in the market is looking to, and positioning ahead of the Fed” decision, said Tyler Richey, co-editor for The 7:00’s Report. “That was clear when the light CPI number hit this morning” and spurred short covering.

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