Today, gold rises in price the fourth consecutive session. During the trade, price of the precious metal rose to its highest level in three months, according to Bloomberg.
The cost of gold for immediate delivery rose 0.5% to $ 1174.81 per ounce, which is the highest level since July 6.
December gold futures rose 0.8% to $ 1174.4 per ounce, also the highest level in more than 3 months.
The market support on Wednesday was due to data on the continuing fall in producer prices in China. Deflationary pressure gives the Chinese Central Bank the possibility to increase the economy stimulation, and also supports expectations that the Federal Reserve will not raise its interest rate level this year.
The reducing expectations of rates growth by the Central Bank of the US contributed to more expensive gold prices, leaving behind the 5 years lows recorded in July this year.
Consumer price growth in China slightly slowed in September, but the drop in producer prices continued on the basis of 43 consecutive months.
Consumer inflation (CPI index) last month was 1.6% versus 2% in August. Analysts on average forecasted a rise in prices by 1.8% compared to September 2014.
The drop in producer prices (PPI) was 5.9% last month, as in August, coinciding with the average forecast of experts polled by Bloomberg.
Silver for December delivery has risen in price on Wednesday by 1% to $ 16.07 per ounce. Platinum and palladium are also becoming more expensive.
Copper futures fluctuate between low growth and decline, as weak inflation data in China have contributed to expectations that Beijing would resort to fresh incentive measures in the near future to ensure proper growth of the second largest economy in the world.
During early London trading, on Comex division of the New York Mercantile Exchange, copper futures for December delivery rose 0.4 cents, or 0.17%, to get traded at $ 2384 per pound.
A day earlier, copper lost 2.8 cents, or 1.16%, after data showed that the volume of exports and imports in China in September fell, adding to concerns about the situation of the second largest economy in the world.