Commodities
US Debt Concerns Spark Gold Price Surge Amid Weakening Dollar
Gold prices have surged nearly 5% this week due to concerns over U.S. debt and a weakening dollar.
The precious metal has risen in early trading, with gold futures increasing by 1.67% to $4,647.70 and spot prices climbing 1.55% to reach $4,588.08.
Giovanni Staunovo, a commodity analyst at UBS, attributes the increase to escalating global debt levels combined with sustained weakness in the dollar, predicting that gold prices could reach $5,400 per ounce within the next year.