Gold Surges to Three-Month High Ahead of US Inflation Data and Fed Chair Speech

Gold prices surged to a three-month high on Monday, reaching $4,636.34 per ounce as investors looked ahead to US inflation data and a speech by Federal Reserve Chair Kevin Warsh.

The price increase of 0.7% marks the highest level since May 15, with US gold futures climbing 0.3% to $4,694.80.

Market participants are closely monitoring the July Personal Consumption Expenditures price index and Fed Chair Warsh's speech at the Jackson Hole symposium for clues on the US rate outlook.

The Polish central bank also announced an increase in its gold holdings, rising to 20.6 million troy ounces (640.2 metric tons) as of the end of July from 20.3 million ounces as of end-June.