Gold Hits Seven-Week High as Dollar Weakens

Gold prices have reached their highest level in seven weeks, supported by a weaker US dollar and lower US Treasury yields. The precious metal rose for the fourth consecutive session on Thursday, with spot gold increasing by 1% to $4,285.69 per ounce. This marks its highest price since June 18. In contrast, US gold futures gained 0.9% to $4,345.50.

The weaker dollar makes dollar-denominated commodities cheaper for holders of other currencies. The yield on the benchmark 10-year US Treasury note has fallen, contributing to the decline in the value of the dollar. Federal Reserve member Lisa Cook expressed openness to raising short-term interest rates to address 'excessively high' inflation levels.

Investors are awaiting the release of the US non-farm payrolls report for July, which is scheduled for Friday. The ADP employment report released on Wednesday showed a slowdown in private-sector job growth in July, with a gain of 44,000 jobs last month following a downwardly revised increase of 95,000 in June.

Others precious metals have also seen gains: spot silver rose by 0.4% to $62.34 an ounce, platinum increased by 0.8% to $1,750.15, and palladium climbed by 1% to $1,377.