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Commodities

Gold Surges to Three-Month High on Weakening Dollar

Guavy AI Editorial Team
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Gold
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Gold prices continued to rise on Monday, reaching a three-month high as the US dollar weakened and investors awaited clues from the Federal Reserve's monetary policy.

The spot gold price increased by 0.56% to $4,641.76 per ounce, while December gold futures contracts rose by 0.41% to $4,699.80 per ounce.

According to Tim Waterer, chief market analyst at KCM Trade, the upward trend in gold prices is mainly driven by the weakening dollar and instability surrounding US fiscal policy.

The market is focusing on this week's release of US Personal Consumption Expenditure (PCE) price index data for July and Fed Chairman Kevin Warsh's speech at the Jackson Hole conference.

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