Gold rises past $4,500 in Asia
The dollar declined, and the U.S. Treasury Department increased bond purchases, supporting the rise in gold prices for the third consecutive week. The yellow metal jumped by 0.4% to reach $4,537.41 per ounce, with U.S. futures contracts rising to $4,593.90. This comes amid expectations that the Federal Reserve will keep interest rates unchanged with a 63% probability in September, although rising interest rates generally reduce gold's appeal as an inflation hedge. Additionally, other precious metals such as silver and platinum recorded weekly gains, with silver increasing by 1.3% and platinum by 2%.
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