Gold at 7-Week High

Gold prices held early on Wednesday near a seven-week high struck in the previous session, as downbeat US data weakened the prospect of the Federal Reserve pursuing an aggressive rate hike stance, Reuters reported. Spot gold was little changed at $1,268 per ounce. It hit $1,273.97 in the previous session, the highest since June 14. US gold futures for December delivery fell 0.4% to $1,274.10 per ounce. A gauge of US factory activity slid from a near three-year high in July amid a slowdown in new orders and consumer spending barely rose in the prior month.