Gold hits over 3-month high ahead of US inflation data and Fed chair speech

Gold prices surged to a three-month high on Monday, August 24, as the US dollar weakened, according to the latest market reports. The precious metal climbed 0.8% to $4,641.27 per ounce, with its highest level since May 15 earlier in the session. Spot gold also jumped more than 5% in the week ending August 23.

Investors are closely watching key economic data releases, including the July Personal Consumption Expenditures price index and Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium. Analysts believe that gold is gaining momentum, driven by the softening US dollar and speculation surrounding potential policy changes. Tim Waterer, chief market analyst at KCM Trade, noted that a cautious tone from policymakers could further support gold prices.

On the geopolitical front, the US has threatened Iran with what it termed "the greatest financial offensive ever marshalled," preparing to impose economic sanctions on the country's trade partners. Oil prices dipped by over a dollar a barrel as investors cashed in on the anticipated crackdown. Meanwhile, other metals like silver, platinum, and palladium also experienced varying price movements.