Gold Surges to Three-Month High Ahead of Inflation Data and Fed Speech

Gold prices rose to their highest level in over three months on August 24, driven by a weaker US dollar. Spot gold was up 0.9% at $4,643.63 per ounce, while US gold futures edged 0.4% higher to $4,699.10.

The stronger-than-expected price increase comes ahead of key US inflation data and a speech by Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium this week.

Analysts believe that the Fed's tone on policy will be closely watched for clues on interest rates, which could impact gold prices. 'Traders will be listening closely for any shift in tone on the policy path and how it sits with recent bond-market developments,' said Tim Waterer, chief market analyst at KCM Trade.