Gold Prices Reach Three-Month High as Dollar Weakens

Gold prices have reached their highest level in over three months, exceeding $4,643 per ounce on August 24. The uptick is attributed to a weaker US dollar, which makes gold more affordable for holders of other currencies.

The spot price has surged by over 5% in the past week, with spot gold up 0.9% at US$4,643.63 per ounce and US gold futures edging 0.4% higher to US$4,699.10.

Market analysts expect the July Personal Consumption Expenditures price index data and Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium this week will provide key clues on the US interest rate outlook.