Gold Surges to Three-Month High as Dollar Weakens

Gold prices have surged to a three-month high on August 24, driven by a weaker US dollar and investors' anticipation of US inflation data and Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole Symposium.

The Straits Times reported that spot gold prices rose 0.9 percent to $4,643.63 per ounce by 0644 GMT, marking its highest level since mid-May.

US gold futures also gained 0.4 percent to $4,699.10 per ounce, as the market anticipates a potential increase in interest rates due to rising bond yields and economic pressures.

KCM Trade Head of Market Analyst Tim Waterer stated that gold movements are mainly supported by a weaker dollar, which makes gold relatively cheaper for holders of other currencies.