Gold prices notch highest close in six weeks on Tuesday ahead of Wednesday's inflation report

Gold futures closed at their highest level since late June on Tuesday, a day ahead of a closely watched update of the consumer-price index, which could help inform the Federal Reserve's next steps in its inflation fight. Gold for December /zigman2/quotes/210034565/delayed GC00 -1.13% rose 0.4%, or $7.10, to settle at $1,812.30 an ounce on Comex, the highest finish for the most-active contract since June 29, according to FactSet data. Gold has rallied for three straight weeks, helping to narrow the loss for the most-active contract in 2022 to about 3%, according to FactSet. The yellow metal rallied as stocks /zigman2/quotes/210599714/realtime SPX -0.94% fell and the ICE US Dollar index /zigman2/quotes/210598269/delayed DXY +0.27% slumped against a basket of rival currencies ahead of Wednesday's CPI update, which is expected to show a slight easing in cost pressures from their blistering 9.1% annual pace in June.

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Gold Continuous Contract

US : U.S.: Nymex

$ 1,944.80

-22.30 -1.13%

Volume: 49,048

Sept. 21, 2023 4:48a

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S&P 500 Index

US : S&P US

4,402.20

-41.75 -0.94%

Volume: 0.00

Sept. 20, 2023 5:27p

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U.S. Dollar Index (DXY)

US : U.S.: ICE Futures U.S.

105.48

+0.28 +0.27%

Volume: 0.00

Sept. 21, 2023 4:48a