Gold Hits 3-Month High as Weak Dollar and Lower Treasury Yields Boost Demand
Gold prices climbed to their highest level in more than three months as a weaker U.S. dollar and pressure on Treasury yields increased demand for the precious metal.
Gold prices climbed to a more than three-month high as a weaker U.S. dollar and pressure on Treasury yields boosted demand for the safe-haven asset. Spot gold rose 0.6% to $4,677.19 per ounce, while gold futures gained 0.5% to $4,720.30. Gold has surged more than 15% in August, putting it on track for its strongest monthly gain since September 1999. Silver also advanced 0.4% to $69.19 per ounce. Meanwhile, the U.S. Dollar Index has fallen 0.8% this month, while Treasury yields have declined around 3 basis points. Investors are now focused on the Federal Reserve’s upcoming Jackson Hole signals, with a dovish stance potentially providing further support to gold, while a hawkish outlook could limit its gains.