Gold Rises to Highest Level Since Mid-May Amid Inflation Fears

Gold futures have risen on Tuesday as investors focus on US inflation data and await Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium later this week. Spot gold touched $4,677.19 an ounce earlier in the session, its highest level since mid-May.

The precious metal is on track for its strongest monthly gain since September 1999, according to UOB. TD Securities analysts have expressed concerns that a weaker dollar could provide strong support for gold in the coming weeks, as the Federal Reserve has given no clear indication that it is prepared to raise interest rates.

Investors are closely watching July's core Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, due on Wednesday. This data will likely have a significant impact on gold prices in the coming days.