Gold Soars to Seven-Week High Amid Dollar Weakness
The price of gold surged to its highest level in nearly seven weeks on Wednesday, gaining almost 3.8% as the US dollar weakened and treasury yields failed to gain traction.
The XAU/USD pair reached $4,232, its highest since June 18, after bouncing off daily lows of $4,065.
The yellow metal strengthened sharply as it cleared the 50-day Simple Moving Average (SMA) at $4,161 and broke above the $4,200 mark.