Gold Prices Soar to One-Month High Amid Weakening Dollar

World gold prices surged to a one-month high on August 5th, increasing by over 2% as the US dollar weakened and oil prices continued to fall.

The USD index hovered near its lowest level in six weeks at around 99.85 points, making gold more attractive to buyers using other currencies.

US government bond yields also declined, reducing the opportunity cost of holding interest-free assets like gold.

Oil prices remained low, with Brent oil trading at around $78.85 per barrel and US crude oil at nearly $75.09 per barrel due to diplomatic efforts to ease tensions between the US and Iran.