Gold Surges to Three-Month High Amid Dollar Weakness

Gold prices surged to their highest level in over three months on Monday, reaching $4,641.27 per ounce. This significant gain was fueled by a weaker US dollar and anticipation of key US inflation data.

The spot gold price rose 0.8%, while US gold futures climbed to $4,697.70 an ounce. Silver prices remained steady at $68.98 an ounce, but platinum edged up 0.1% to $1,878.88 per ounce.

Investors are awaiting the release of July's US Personal Consumption Expenditures (PCE) price index data, which is expected to provide insight into inflation trends. Additionally, they are watching for clues about future interest rates at the Jackson Hole symposium.