Gold nears third weekly rise amid dollar fall

Gold prices are currently rising, supported by a decline in the dollar and the U.S. Treasury's easing of its bond repurchase policy, leading the metal to post gains for the third consecutive week. Spot gold increased by 0.4% to reach $4,537.41 an ounce, the highest level since June, with weekly gains of 3.6%. Futures also climbed by 0.5% to $4,593.90, driven by the weakening dollar that boosted gold and precious metals prices, along with declining U.S. bond yields and the Treasury doubling its purchases of long-term bonds. These developments reflect a stable U.S. labor market and provide the Federal Reserve with an opportunity to focus on combating inflation, with the likelihood of keeping interest rates steady in the coming month.

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