Gold Prices Soar Above $4,600 Amid Weaker Dollar and Revival of Investor Demand

Gold prices continued their upward trend on Friday, breaking above $4,600 an ounce for the first time since mid-May. This surge was largely driven by a weaker US dollar and renewed investor demand. Spot gold rose another 2% to reach this milestone, marking its third consecutive weekly gain.

The precious metal has now increased around 13% over the past month as concerns over high interest rates ease following softer US economic data and renewed hopes of a ceasefire in the Middle East.

Gold's rally has also been attributed to the revival of investor flows, with gold-backed ETFs experiencing their largest one-day increase since September last year. This trend indicates a significant turnaround in sentiment for gold, which had mostly trended lower from its record highs at the start of the year.