Gold Surges to Three-Month High Amid Dollar Weakness

Gold prices surged to their highest level in over three months on Monday, driven by technical buyers and a weaker dollar ahead of key economic data releases. Spot gold rose 1.6% to $4,677.14 per ounce, while U.S. gold futures for December delivery increased by 1.2% to $4,734.70 per ounce.

Market analyst Jim Wyckoff attributed the rally to stabilizing bond yields and a supportive technical picture. He noted that gold broke above its 200-day moving average last week, further strengthening upward momentum.

The U.S. Treasury's recent buyback announcement also contributed to the metal's price increase, making it cheaper for foreign buyers due to dollar weakness. Gold-backed ETFs saw inflows of 46.7 metric tons ($6.4 billion) last week, their largest weekly demand in 10 months.