Gold prices ended sharply higher Wednesday, ringing up the fifth straight gain for the yellow metal as turmoil in China disrupted global markets for a second day, adding to gold's haven appeal. Beijing's surprise devaluation of the yuan on Tuesday and its continued actions Wednesday, including stepping in to slow the pace of the decline of its currency have helped support gold's move higher, while dragging the dollar lower. A weaker dollar increases the attractiveness of dollar-denominated gold. Gold futures have tacked on nearly $30 since Friday's $1,094.10-an-ounce settlement, marking its longest winning streak since mid May. December gold finished up $15.90, or 1.4%, at $1,123.60 an ounce.
Copyright © 2015 MarketWatch, Inc.
Continue Reading Below