Gold Prices Climb to $4,675 as Market Awaits Key Data Releases

The price of spot gold rose by 1.54% to $4,675.48 per ounce on Monday, August 24, as investors weighed the Federal Reserve's narrative on interest rates and inflation expectations.

A weaker U.S. dollar, demand for hedging against fiscal risks, and lingering geopolitical tensions in the Strait of Hormuz contributed to buying interest in gold, despite high long-term U.S. Treasury yields exerting downward pressure on non-yielding assets like gold.

The market awaits key data releases this week, including the July PCE price index, durable goods orders, and the second estimate of Q2 GDP, as well as Federal Reserve Governor Christopher Waller's speech at the Jackson Hole Global Central Bankers Symposium on Friday.