Gold reaches 3-month high
Gold prices have risen to their highest level in more than three months, driven by investor expectations regarding U.S. inflation data and the Federal Reserve Chairman's speech, which has boosted demand for gold as a safe haven. The spot price of gold jumped 1% to $4,650.31 per ounce, the highest since May, while U.S. futures increased by 0.55% to $4,706.35. The rally is partially attributed to the decline in the U.S. dollar's value, making dollar-denominated gold cheaper for holders of other currencies. Investors are also monitoring the Personal Consumption Expenditures (PCE) price index and central bank interest rate outlooks. Expectations suggest that gold prices may surpass Goldman Sachs' forecast of $4,900 per ounce by the end of the year, supported by increased central bank demand, rising reserves, as well as geopolitical tensions and the trade war between the United States and Canada, which enhance the metal's appeal as a safe haven.
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