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AngloGold Ashanti (AU) Stock Gains Amid Higher Gold Prices

NEW YORK (TheStreet) -- Shares of AngloGold Ashanti (AU - Get Report) were gaining 6.7% to $9.84 on Wednesday as gold prices increased following the release of U.S. retail sales data for September.

U.S. gold futures for December delivery were up 1.91% to $1,187.60 an ounce on the Comex on Wednesday afternoon.

Retail and restaurant sales grew a seasonally adjusted 0.1% in September compared to August, the U.S. Department of Commerce announced on Wednesday. Economists expected sales to grow by 0.2% in the month, according to The Wall Street Journal.

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The weak sales data potentially lowered the chance the Federal Reserve will raise interest rates this year, according to the Journal.

On Tuesday, Fed Governor said it wouldn't be "appropriate" for the Fed to hike interest rates this year.

"The Fed's dovishness has been very encouraging to gold buyers," George Gero, a senior vice president at RBC Capital Markets, told the Journal. "Gold's recent performance has made funds and other asset...