Gold Surges to Three-Month High Amid Weakening Dollar
Gold prices surged to a new three-month high as the week began, driven by a weakening US dollar. The precious metal's upward motion is expected to continue, but some analysts warn that it may have reached overbought levels and could be due for a correction lower.
The Federal Reserve's upcoming speech at the Jackson Hole symposium is being closely watched, as a less hawkish tone from Fed Chair Kevin Warsh could provide further support for gold prices. Additionally, a potentially cooler-than-expected report on US PCE rates for July may aid gold's price.
Bitcoin, which had rallied over the past week to around $78k, seems to have stabilized near this level over the weekend. The crypto king's rally was sparked by a combination of factors, including US finance minister Bessent's buyback intentions in the bond market and ETF inflows for the crypto market.