Gold Rises as Economic Outlook Boosts Demand for Inflation Hedge
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Gold rebounded from a three-week low on speculation that an improving global economy will spur inflation, boosting demand for the precious metal as a hedge.
The MSCI All-Country World Index and the Standard & Poor’s 500 Index gained today after reports showed Chinese industrial output and U.S. retail sales topped economists’ estimates. Before today, gold slumped 2 percent in the past week, dropping yesterday to $1,511.40 an ounce, the lowest since May 23.