Gold Prices Surge for Third Straight Session Amid Weaker Dollar

Gold prices continued to rise for the third consecutive session on August 5, as the US dollar weakened and oil prices stabilized. The world gold price increased by 1.77% to $4,167.37 per ounce, while December gold futures contracts rose by 1.73% to $4,224.57 per ounce.

The market is currently focused on upcoming US jobs data, including the ADP private sector jobs report and the US non-farm payroll report, which will provide insight into the Federal Reserve's next direction on interest rates. The decrease in probability of a Fed rate hike in September has supported gold prices.

Other precious metals also saw gains, with spot silver increasing by 1.98% to $1,771.94 per ounce, platinum rising by 1.97% to $61.77 per ounce, and palladium surging by 3% to $1,390.75 per ounce.