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Oct. 12, 2021, 1:38 p.m. EDT

Gold futures settle at highest in nearly a week

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By Myra P. Saefong

Gold futures climbed on Tuesday to mark their highest settlement in almost a week after the International Monetary Fund said the global economy is losing momentum and slightly lowered its economic growth outlook for this year. "Any data indicating economic slowdowns, including the IMF's latest update, are generally good for gold in that they imply further easy-money policies from central banks," said Brien Lundin, editor of Gold Newsletter. "That said, most of the IMF's downgrade was due to low-income developing countries, which aren't generally big demand sources for gold," he said. "In short, while the news is helping gold today somewhat, it shouldn't imply much of an effect on demand going forward." December gold climbed by $3.60, or 0.2%, to settle at $1,759.30 an ounce. Prices for the most-active contract marked their highest finish since Oct. 6, FactSet data show.

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