Gold Surges Past $4,400 Amid US Economic Softening and Middle East Tensions

Gold prices have surpassed $4,400 per ounce, reaching $4,450.70 on Monday, following a 0.4 percent gain in the day and a 10 percent advance over the past 30 days.

The surge is attributed to two main factors: soft US economic data and fresh Middle East tensions that have revived haven demand.

Softer-than-expected inflation readings last week, along with declining consumer confidence and retail sales, have led odds of a Fed rate hike in September to drop to 30 percent from 58 percent a month ago.

A weaker dollar has also contributed to the rise, making gold more affordable for international buyers.