Gold Prices Surge to Two-Month High on Growing Demand

Gold prices have surged to a two-month high of $4,400 per ounce on Tuesday as demand for the precious metal continues to grow.

Chinese institutional investors are driving this demand, using gold as a defensive asset amidst market volatility.

The People's Bank of China has also been increasing its gold reserves, adding around 20 tonnes in July and 15 tonnes in June, the largest monthly additions since October 2023.

Despite rising inflation risks and expectations of higher interest rates, investors are turning to gold as a safe-haven asset.