Gold Hits Three-Month High Ahead of Key Inflation Data and Fed Speech

Gold prices surged to their highest level in over three months on Monday, as investors awaited crucial inflation data and a speech by Federal Reserve Chair Kevin Warsh. Spot gold rose 0.7% to $4,636.34 per ounce, while U.S. gold futures climbed 0.3% at $4,694.80.

The gains come after the metal jumped over 5% last week due to U.S. Treasury's buyback support plan, which pressured the dollar and made gold more affordable for holders of other currencies.

Market participants are closely monitoring the July Personal Consumption Expenditures (PCE) price index and Fed Chair Warsh's speech at the Jackson Hole symposium this week for fresh clues on U.S. rate outlook.