Gold Soars to Three-Month High Amid Dollar Weakness Concerns

Gold prices have surged to their highest level in three months, reaching $4,700.6 per troy ounce on August 26.

This significant increase comes after a six-month decline and marks a nearly 16% gain this month alone.

The rebound is attributed to renewed concerns about the dollar's value, fueled by the U.S. Treasury's expanded buybacks of long-term bonds, as well as buying by central banks and private investors.

UBS and Wells Fargo predict further gains for gold in the medium to long term, citing a weaker-dollar thesis, de-dollarization, central-bank buying, and inflows into gold ETFs.