Gold Prices Soar to New Highs on Dollar Weakness and Safe-Haven Demand

Gold prices continued their upward momentum, breaking above the $4,650 psychological level and reaching $4,670 on August 24. The move was driven by renewed dollar weakness, which has become a key driver of gold's recent advance.

The safe-haven demand for gold remains strong, with investors seeking refuge from geopolitical uncertainty and fiscal concerns. Central bank demand also continues to be a significant structural pillar for gold, providing a longer-term fundamental cushion beneath significant corrections.

Despite the bullish move, analysts are cautioning against aggressive buying at current elevated levels, as the RSI is indicating overbought conditions in the short term. A sustained break above $4,680-$4,720 would provide the next major bullish confirmation and expose $4,770, followed by $4,820.