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Gold Rebounds Despite Fischer's Hawkish Swan Song

Gold futures rose Wednesday morning despite hawkish commentary from the outogoing vice chair of the Federal Reserve.

"I still believe we will have higher inflation," Fischer said, in an interview on Bloomberg TV. "You have to wait a long time, usually longer than you expected to wait for something to happen, but then, if it is a very basic force... it will show up."

Still, gold snapped back from recent losses, helped by its safe haven value amid talk of turmoil within the Trump administration.

Reports surfaced indicating friction between Secretary of State R. Tillerson and the president.

Gold was up $10 at $1284 an ounce.

In economic news, the U.S. private sector added only 135,000 jobs in September, ADP data showed. It's a key prelude to Friday's official jobs report.

Fed Chair Janet Yellen and European Central Bank President Mario Draghi are expected to deliver remarks later today.

by RTT Staff Writer

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