Gold Soars to Three-Month High Amid Weaker Dollar and Falling Yields

Gold prices have reached their highest level in three months, reaching $4,696.18 an ounce on Tuesday. This comes as a weaker dollar and falling Treasury yields boost demand for the precious metal.

The rally in gold has been accompanied by a surge in Bitcoin prices, which climbed above $80,000 for the first time since mid-May before pulling back to around $81,237.

According to the World Gold Council, global gold-backed exchange-traded funds recorded $3 billion in net inflows in July, reversing two consecutive months of outflows. This marks a recovery in demand for gold investment products and supports the nascent rally in gold prices since the beginning of the month.