Gold prices gain as inflation concerns grow

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Gold last traded at $1,796 an ounce. Silver at $23.54an ounce.

NEWS SUMMARY: Precious metal prices rose to 4-week highs Thursday as rising inflation flattened the dollar. U.S. stocks rose following better-than-expected earnings reports from Bank of America and other major companies.

Reuters--"Gold prices rose on Tuesday, as rising inflation fears dulled risk appetite and boosted demand for the safe-haven metal, although an advancing U.S. dollar limited bullion's gains....

A global energy crunch has threatened economic outlook and fanned inflation fears, driving some investors toward safer assets.

'We see undertones of support coming from the general idea that inflationary pressures are going to be enough to hold gold up in the midst of an environment where we see the Federal Reserve slowly moving towards reducing asset purchases,' said David Meger, director of metals trading at High Ridge Futures....

'There's more risk aversion in the market and gold is benefiting from that, coupled with concerns about inflation and cooling of the global economy,' Commerzbank analyst Daniel Briesemann said.

If stagflation talks come to the fore increasingly, gold could clock $1,900 by year-end as interest rates should remain relatively low even if the Fed starts tapering, Briesemann said."