Gold Prices Reach Nine-Week High Amid Buying Momentum

Gold prices have reached a nine-week high on Monday, driven by buying momentum and fear of missing out. Spot gold rose 0.8% to $4,376.56 per ounce by 2:45 p.m. EDT (1845 GMT), its highest level since June 5.

The technical momentum for gold is strong, according to Bob Haberkorn, senior market strategist at StoneX. He attributes the gains to cautious trading, China's central bank stepping up gold purchases in July, and a fear of missing out on a move back over $4,500.

Investors are awaiting key U.S. inflation data, with the consumer price index (CPI) report due on Wednesday and producer price data on Thursday. Economists expect the July CPI to have risen 3.4% year-on-year, versus 3.5% in June.