Gold December futures opened at $4,715.70 per troy ounce on Wednesday, up 0.5% from Tuesday's close, and briefly touched $4,730.90 in early trading. The precious metal has rallied following the U.S. Treasury Department's decision to double its purchase of long-term debt and easing tensions in the Middle East. Investors are now awaiting the Fed's preferred inflation gauge and Chair Warsh's speech on Friday for further clues on interest rates.