Gold futures finish at highest in nearly 2 weeks

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Gold futures climbed Thursday to finish at their highest in nearly two weeks. “Gold prices are soaring as traders are concerned about the fragile economic data,” said Naeem Aslam, chief market analyst at AvaTrade. Consumer spending rose 1% in August, but the increase was the smallest since the U.S. reopened, and the Institute for Supply Management said its manufacturing index slipped to 54.6% in September from 56% in the prior month. The economic data “confirmed that the economic recovery is running out of momentum and if there is no further stimulus, the recovery will stall. This uncertainty is pushing the gold price higher,” Aslam said. December gold rose $20.80, or 1.1%, to settle at $1,916.30 an ounce. That was the highest finish for a most-active contract since Sept. 18, according to FactSet data.
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