Gold Prices Soar Amid Geopolitical Tensions and Economic Uncertainty

Gold prices continue to rise as investors seek safe-haven assets amid geopolitical tensions and economic uncertainty. The metal has reached three-month highs above $4,650, driven by a decline in US Treasury bond yields and a weaker US Dollar.

The ongoing trade tensions between the US and Canada are also weighing on the Greenback, while the threat of new US sanctions against Iran is adding to the bullish sentiment surrounding gold. Additionally, analysts at Deutsche Bank expect core Personal Consumption Expenditures (PCE) prices to rise by 0.18% in July, which could further support gold prices.

With the Jackson Hole economic policy symposium just around the corner, investors will be closely watching Fed Chair Kevin Warsh's speech on Friday for any hints on future monetary policy.