MW: Gold rises over $10 to above $850 on inflation concerns
By Moming Zhou
NEW YORK (MarketWatch) -- Gold futures rallied more than $10 Wednesday to above $850 an ounce, as investors bought the previous metal on expectations that recent global efforts to inject liquidity into the market will push up inflation rates. Gold for December delivery was last up $16.50, or 2%, at $856 an ounce on the Comex division of the New York Mercantile Exchange. Investors tend to buy gold as a hedge against inflation.
