Gold Prices Soar to Highest Level Since June 5 Amid Weakening Dollar

Gold prices surged by 2.5% yesterday, reaching their highest level since June 5 at around $4,450 per ounce.

The rebound is attributed to a weakening US dollar and falling bond yields, which are making gold more attractive as an investment option.

Falling bond yields, in particular, have been supportive of the rebound after yesterday's negative session when gold prices declined by nearly 2% amid rising long-term bond yields in the US, Germany, and Japan.

The market is awaiting the minutes from the Fed's July meeting, which may provide further clues on the future path of interest rates. According to CME FedWatch, investors are pricing in a 65% probability that rates will remain unchanged in September.