Commodities
Gold Prices Reach Nine-Week High Amid Inflation Data Anticipation
Gold prices surged to their highest level in nine weeks on August 11, driven by strong buying momentum as investors eagerly awaited U.S. inflation data and clues about the Federal Reserve's monetary policy.
According to Reuters, spot gold rose 0.8% to reach $4,376.56 an ounce, marking its highest level since June 5 earlier in the trading session.
The gains were broad-based across other precious metals as well, with U.S. gold futures increasing by 0.5% to $4,419.70 an ounce and spot silver jumping 3.1% to $65.50 an ounce.