Gold Soars to 15-Week High Amid US Debt Concerns

Gold prices surged to their highest level in 15 weeks on Monday, reaching $4,659.97 an ounce as investors sought safe-haven assets amid concerns over US debt and a weakening dollar.

The price of gold rose 1.25% from its opening level of $4,603.14, with the metal gaining 5.2% last week driven by worries about US debt.

Investors are awaiting key inflation data this week, as well as Federal Reserve Chair Kevin Warsh's speech at the annual Jackson Hole symposium, which could reassess expectations for US interest rates.

The US dollar index fell more than 0.1% on Monday, while the yield on the benchmark 10-year Treasury fell over 0.5%, adding downward pressure on the greenback.