Gold at 7-week high on US economic data

Gold prices rose to a seven-week high, after US economic data showed lukewarm inflation and nearly flat consumer spending, raising the question of whether the Federal Reserve will raise interest rates in the coming months.

Spot gold rose 0.3 per cent to $US1,273.26 an ounce by 1:49 pm EDT (23:49 AEST on Wednesday), after rising to $US1,273.97, the highest since June 14. 

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