Gold Price Hits Three-Month High Amid Weakened Dollar
The price of gold has reached a three-month high, according to APA-Economics. As of 10:05 Baku time, December gold futures on Comex rose by 0.42%, or $19.6, to $4,700.2 per ounce.
The spot price of gold increased by 0.99%, or $45.67, to $4,648.74 per ounce. This is a significant gain, with the precious metal rising more than 5% over the past week alone.
Analysts point to the weakening of the U.S. dollar as the main factor supporting the rise in gold prices. The dollar has approached multi-month lows due to the U.S. Treasury's plans to increase buybacks of long-term bonds, and market participants are watching upcoming U.S. inflation data and Federal Reserve Chair Kevin Warsh's expected speech at Jackson Hole.
The rising tensions in U.S.-Iran relations are also contributing to increased demand for gold as a safe-haven asset.