Gold prices rose Wednesday for the first time this week as the U.S. dollar showed weakness overseas.
Gold for December delivery closed at $736 per ounce, up $3.30 for the session. The precious metal spiked higher earlier in the session, moving as high as $764.80 intraday before paring its gains as the dollar recovered from weakness
The greenback saw its first losses in three days against a group of other major currencies. Gold often moves opposite the dollar because of the precious metal's hedge value.
In the last month, gold prices have dropped about 18 percent while the U.S. dollar index was up nearly 8 percent.
Elsewhere in the metals markets, silver for December was down 4 cents or 0.4 percent to $9.51 per ounce. Platinum futures for January were down $3.90 or 0.5 percent to 4833.10.
In economic news on Wednesday, the Labor Department reported that U.S. consumer prices declined 1.0 percent in October, their largest one-month fall on record. Analysts had been forecasting a decline of just 0.5 percent.
Also Wednesday, the Commerce Department reported that new U.S. home construction declined 4.5 percent in October, the fourth straight monthly decline. Construction fell to an annualized rate of 791,000 units from September's upwardly revised rate of 828,000 units. The October reading was also the lowest on record.
