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Gold stays near three-month highs
Gold prices registered near their highest levels in three months, surpassing $4,627 per ounce, driven by the American Treasury Department's decision to expand long-term bond purchases to lower borrowing costs. This move led to a weak dollar and increased demand for gold as a safe haven. Over the past week, gold prices gained more than 5%, amid the US national debt exceeding $40 trillion and investors shifting toward tangible assets. There have been significant cash inflows into gold funds today due to global economic and political uncertainties. It is expected that gold will target the $4,700 per ounce level as investors continue to diversify their portfolios economically.
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