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Gold hits 3-month high
Gold prices reached their highest levels in three months, marking a third consecutive week of gains. This rise was supported by a decline in the US dollar and the US Treasury's actions to repurchase bonds, which increased gold's appeal as an inflation hedge despite rising interest rates that reduce its attractiveness as a yield-generating investment. Spot gold increased by 1.5% to $4,587.23 per ounce, while US futures contracts reached $4,645, up nearly 5% over the week. Other precious metals also saw gains: silver rose 2% to $69.48 per ounce, platinum increased 2.5% to $1,873.58, and palladium gained 1.2%. Investor concerns over US debt and Treasury movements fostered technical momentum supporting the price increase, amid anticipation of monetary signals during the Jackson Hole symposium.
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