Gold Prices Soar to Three-Month High Ahead of US Inflation Data

Gold prices surged to their highest level in over three months on Monday, as investors looked ahead to US inflation data and a speech by Federal Reserve Chair Kevin Warsh. Spot gold rose 0.7% to $4,636.34 per ounce, its highest since May 15.

The rise comes after gold prices jumped more than 5% last week following the US Treasury's buyback support plan, which pressured the dollar and made gold more affordable for holders of other currencies.

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