Gold Hits Three-Month High Amid Dollar Weakness

Gold prices reached a three-month high on August 21, boosted by a weakening US dollar and technical momentum.

The price of spot gold rose 2.4% to $4,623.94 an ounce, its highest level since May 15.

This marks the metal's third consecutive weekly gain and a more than 5% increase during the week.

Bart Melek, global head of commodity strategy at TD Securities, said 'The next step is $4,700 if this momentum continues, but also I think it's been very much driven by a drop in the U.S. dollar.'