Commodities
Home›Commodities›Precious Metals›Gold rises to a more than three-month high ahead of ke…
Gold rises to a more than three-month high ahead of key PCE data
December gold futures opened at $4,710.1 per troy ounce, and traders are watching Friday’s Jackson Hole speech by Fed Chair Kevin Warsh.
Gold moved higher on Tuesday, with prices reaching their highest levels in more than three months as the rally continued, according to Yahoo Finance. In early trading, gold was slightly off the peak but remained elevated versus recent levels, with the price at $4,697.6 per troy ounce as of 7:52 a.m. ET.
Gold December futures opened at $4,710.1 per troy ounce, up 0.3% from Monday’s close. Yahoo Finance said the metal’s momentum is drawing attention as investors look toward this week’s Personal Consumption Expenditures, or PCE, Price Index.
The outlet reported that traders are also focused on Fed Chair Kevin Warsh’s speech at Jackson Hole on Friday. Darrell Fletcher, managing director of commodities at Bannockburn Capital Markets, said buying gold at high levels for short-term gains is difficult, even as he highlighted gold’s long-run recovery and its diversification role for central banks and investors.
Yahoo Finance added that while gold is often used as a diversification asset, it carries the same investment risk as other assets, including price risk for investors buying near higher price levels. Fletcher’s comments emphasized setting expectations, using a long timeline, and choosing an appropriate allocation to manage risk.
Latest closeGold $4,666.20 ▲0.6%