Gold hits highest since May 15
Gold prices have risen to their highest level in over three months, reaching $4,636.34 per ounce, as investors await U.S. inflation data and the Federal Reserve Chairman’s speech. This has heightened expectations of further price increases, especially after the precious metal surged over 5% last week due to a weakening dollar following a U.S. support plan that included bond buybacks, making gold cheaper for investors holding other currencies. According to Goldman Sachs' forecasts, gold prices are expected to exceed $4,900 by the end of the year amid increasing demand for bullish options.
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