Gold Hits Three-Month High Amid Inflation Data Anticipation

Gold prices have surged to their highest level in over three months as investors await key inflation data and a speech by Federal Reserve chair Kevin Warsh.

The spot price of gold rose by 0.7% to $4,636.34 per ounce, its highest since May 15, while US gold futures climbed 0.3% to $4,694.80.

Gold's value has been boosted by a weaker dollar, making it more affordable for investors holding other currencies.

Market participants are keeping a close eye on the July personal consumption expenditures (PCE) price index and Warsh's speech at the Jackson Hole symposium this week for clues on the US interest rate outlook.