Gold above 4600 USD on weaker dollar
Gold prices rose by more than 2%, surpassing the $4,600 per ounce level, marking the highest level in over three months. This increase was supported by a decline in the dollar and the gold reaching key technical levels. The rise came after a U.S. plan to increase long-term Treasury bond purchases, which led to a weaker dollar and boosted demand for gold, despite the increase in U.S. bond yields. Spot gold traded around $4,616 per ounce, with expectations of weekly gains of up to 5%, marking the third consecutive week of price increases.
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