Gold reaches 9-week high amid strong demand

Gold prices have risen to their highest levels in nine weeks, driven by strong buying momentum and a sudden decline in US non-farm payroll data, which has heightened investors' concerns about the potential easing of the Federal Reserve's tightening policies. The spot price of gold increased by 1.04% to $4,387.65 per ounce, reaching its highest level since June 5. Additionally, gold futures climbed by 0.5% to $4,419.70, supported by continued purchases from China and growing fears of missing out on an upward wave that could surpass the $4,500 mark. Investors are now closely watching US inflation data this week to gauge the future direction of interest rates, amid increased demand from China, which experienced its largest gold reserve additions since October 2023.

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