Gold Surges Past $4,630 Amid Dollar Weakness and US Budget Deficit Concerns

The price of gold surged past $4,630 on August 27, driven by concerns over the US budget deficit and expectations of a weaker dollar. The spot price of gold gained 0.8% to reach $4,630.09 per ounce, while US gold futures rose 0.7% to $4,685.50.

Market attention is currently focused on an upcoming speech by Fed Chair Kevin Warsh at the Jackson Hole symposium, with traders pricing in a 36.5% chance of a rate hike in September and a 72.7% probability by December.

Ongoing concerns over the US budget deficit are also influencing market sentiment, as investors seek safer-haven assets amidst uncertainty.