Gold Hits Three-Month Highs Amid US Fiscal Risks

Gold prices have surged to fresh three-month highs, reaching above $4,650 an ounce on Monday. This rally is driven by concerns over U.S. fiscal risks and Treasury efforts to contain longer-term borrowing costs, which continue to support demand for bullion.

In related markets, WTI crude oil prices fell sharply after Iran allowed some Iraqi oil tankers to pass through the Strait of Hormuz following recent talks between the two countries. This move has eased concerns over near-term supply tightness in the oil market.

Copper futures declined to around $6.55 per pound, retreating from recent gains as a sharp rise in exchange inventories has eased concerns over near-term supply tightness.