Gold Soars on Dollar Weakness Ahead of Key Economic Data

Gold prices surged to their highest in over three months on Monday, rising by 1% to $4,649.08 per ounce. This increase comes as investors await key economic data and a speech from Federal Reserve Chairman Kevin Warsh.

The dollar remains under pressure, with the greenback pinned near multi-month lows. Last week's U.S. Treasury Department buyback support plan pushed the dollar lower, making gold more affordable for foreign investors.

ActivTrades senior analyst Ricardo Evangelista notes that the consolidation of gold prices above $4,600 will depend on the dollar remaining under pressure and Treasury yields stabilizing or declining further.