Gold Prices Soar Above $4,400 Amid US Economic Concerns and Middle East Tensions

Spot gold prices surged above $4,400 per ounce in early Asian trading on Monday, August 17, as investors weighed the impact of weakening U.S. economic data and rising tensions in the Middle East on inflation.

The price of spot gold had risen around 0.8% over the previous week, but experienced notable volatility, hitting a two-month high near $4,450 mid-week before falling by as much as 1.3% on Thursday.

However, following the release of weaker-than-expected U.S. retail sales data, which showed a 0.6% month-on-month decline in July, gold prices rebounded swiftly to close at $4,375.80 per ounce.