Commodities
Dollar Weakness and Oil Prices Fuel Gold Surge
Gold prices rose to $4,162.83 per ounce on Wednesday, marking the third consecutive day of gains in global markets.
The increase was driven by a weaker US dollar and falling oil prices, which made gold cheaper for buyers using other currencies and reduced inflation concerns.
OANDA Senior Market Analyst Kelvin Wong noted that gold and oil markets are connected because oil prices influence global economic conditions and inflation pressures.
Investors are now closely watching US employment data, particularly the ADP report and July's non-farm payroll data, which will help assess the strength of the US economy and guide Federal Reserve interest rate decisions.