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Gold climbs to highest in more than three months ahead of US inflation
Spot gold rose 0.7% to $4,636.34 per ounce, while silver gained 0.8% to $69.51, as investors awaited the July PCE price index and a speech from Fed Chair Kevin Warsh.
Gold prices extended gains on Monday to their highest level in more than three months as investors looked ahead to upcoming U.S. inflation data and a speech by Federal Reserve Chair Kevin Warsh later this week, according to Reuters via LiveMint Markets.
Spot gold was up 0.7% at $4,636.34 per ounce as of 0015 GMT, its highest level since May 15, and U.S. gold futures climbed 0.3% to $4,694.80.
Gold rose more than 5% last week after a U.S. Treasury buyback support plan pressured the dollar, making bullion cheaper for holders of other currencies; market participants also flagged the July Personal Consumption Expenditures, or PCE, price index as a key data point for clues on the U.S. rate outlook.
In addition to the U.S. catalysts, the report cited official-sector demand, including Poland’s central bank raising its gold holdings to 20.6 million troy ounces as of end-July, and geopolitical and trade developments that supported bullion’s safe-haven appeal.
Other precious metals also firmed, with spot silver up 0.8% at $69.51 per ounce, platinum rising 0.4% to $1,885.38, and palladium gaining 0.1% to $1,350.53.
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%|Platinum $1,756.80 ▲1.8%