Forex
Gold Prices Soar Amid Dollar Weakness Ahead of Key Fed Speech
Gold prices rose sharply on Thursday, driven by concerns about the weakening US dollar. The value of gold in spot trading climbed 0.8% to $4,630.09 an ounce. US gold futures also gained 0.7%, reaching $4,685.50.
The gains weren't limited to gold; other precious metals rose as well. Silver jumped 1.7% to $69.28 an ounce, while platinum increased by 1.1% to $1,848.57 and palladium gained 0.5% to $1,334.49.
Investors are eagerly awaiting the speech of Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium. The US inflation rate remains high, with annual inflation holding steady in July and exceeding the Federal Reserve's target of 2% for the 65th consecutive month.