Updated from 10:41 a.m. EDT with settlement prices
NEW YORK (
Gold for December delivery jumped $26.90 to settle at $1,780.50 an ounce at the Comex division of the New York Mercantile Exchange. The
"I think it's a combination of further easing by ... China, and an overall perception that gold had sold off significantly over the last few days and it's a good entry point, because the concerns of higher inflation down the road are certainly still very valid," said Oliver Pursche, co-portfolio manager at GMG Defensive Beta Fund.Speculation of China stimulus grew from a Shanghai Securities News report that said the China Securities Regulatory Commission would announce 10 market-boosting measures at a media briefing on Thursday. Sluggish growth and weak economic reports in September have suggested more troubles ahead for China.
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