Gold futures settled with a modest rise on Tuesday to mark their fifth session gain in a row. "Prices have returned to the all too familiar $1,300 level which is now to be considered initial support," said Tyler Richey, an analyst for the 7:00's Report. "The gold market is beginning to focus more on inflation as multiple indicators have suggested that a bottom is in." Gold is often seen as a hedge against inflation. Combined with a seemingly eternally dovish Fed, "the threat of a material uptick in inflation is increasing," he said. August gold climbed $2.90, or 0.2%, to settle at $1,321.30 an ounce on Comex.

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