Gold Prices Soar to Three-Month High on Weaker Dollar and Economic Uncertainty

Gold prices have reached their highest level in over three months, surpassing $4,641 per ounce. This surge is primarily driven by a weaker US dollar and investor interest in upcoming economic data.

The spot gold price rose by 0.8% on the day, marking its peak since May 15. Last week, it had gained more than 5%. The dollar's decline makes gold more affordable for buyers using other currencies, providing fresh support to bullion prices.

Investors are now looking forward to the July Personal Consumption Expenditures (PCE) price index and Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole economic symposium. A cautious or balanced tone from him could keep expectations of policy flexibility alive and further support gold prices.