Gold Scores Second Consecutive Daily Gains

Gold prices rose on Wednesday with the decline of the U.S. Dollar (USD) after data showed that inflation in the United States registered 5.4% in July.

The yellow metal managed to close higher for the second consecutive day, registering its highest gains since July 29.

Gold front-month futures gained $21.60, or 1.25%, to finish at $1,750.40 per ounce.

The Dollar Index (DXY) that measures the greenback’s performance against a basket of six major international currencies is down by 0.17% at 92.9.