Gold hits 3-month high before US inflation data
Gold prices have risen to their highest level in over three months, reaching $4,636.34 per ounce in spot transactions. Investors are eagerly awaiting U.S. inflation data and the speech by Federal Reserve Chairman Kevin Warch scheduled for this week. The decline of the dollar following the American support plan, which included bond repurchases, has strengthened the precious metal, as gold is considered a safe haven amid economic and geopolitical tensions. Additionally, demand from official sectors has increased, exemplified by the Polish central bank's gold reserves rising to 20.6 million ounces in July, as well as Iranian Foreign Minister's statements denying the success of new U.S. sanctions in defeating Tehran. Other precious metals such as silver, platinum, and palladium have also seen price increases, supported by concerns over trade and political tensions in the region.
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