Gold Soars to 7-Week High as Dollar Weakens and Fed Rate Hikes Come into Question

Gold prices have risen for the fourth consecutive session, reaching a 7-week high of $4,262.17 per ounce on August 6. The increase is due to the weakening US dollar and expectations that the Federal Reserve (Fed) will reduce pressure to raise interest rates.

The precious metals market has been gaining momentum as investors anticipate a less aggressive monetary policy from the Fed. The weakening dollar has made gold more attractive to investors holding other currencies, while low oil prices have eased concerns about inflation.

As of 2:25 PM Vietnam time on August 6, spot gold prices increased by 0.41%, with US gold futures contracts rising by 0.2%. Meanwhile, silver prices fell 0.28% to $61.88 per ounce, while platinum and palladium prices rose.

The focus is now on the upcoming US non-farm payroll report, which could provide further signals for the Fed's monetary policy decisions.