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Oct. 28, 2021, 1:37 p.m. EDT

Gold futures reclaim the $1,800-an-ounce mark

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By Myra P. Saefong

Gold futures climbed Thursday to reclaim the $1,800 mark. Prices for the metal got a lift as third-quarter U.S. gross domestic product data missed expectations, easing concerns of a quicker liftoff in U.S. interest rates, said Chris Gaffney, president of World Markets at TIAA Bank. "Gold is widely seen as an inflation hedge, and rising inflation expectations should lend support to the price of precious metals." The GDP miss will help justify Federal Reserve Chairman Jerome Powell's arguments that "the economy is not in danger of overheating and interest rates will remain very accommodative for the foreseeable future." December gold rose $3.80, or 0.2%, to settle at $1,802.60 an ounce, the first most-active contract finish above $1,800 since Monday.

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