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Gold prices surged to a historic high today, reaching their highest level in more than three months, amid increased demand from investors and technical traders due to stable bond yields and a decline in the value of the US dollar. Additionally, expectations of upcoming inflation data and the Jackson Hole economic symposium contributed to this rally. The spot gold price rose by 1.5% to $4,673.20 per ounce, while December futures increased by 1.1% to $4,730.40. The price's move above its 200-day moving average helped reinforce the upward trend, supported by record inflows into gold funds totaling 46.7 tons worth $6.4 billion over the past week — the largest weekly demand in ten months. Other precious metals also saw gains, with silver up by 0.2% at $69.06 per ounce, platinum rising 0.8% to $1,892.03, and palladium increasing 1.8% to $1,374.27.
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