Gold hits over 3-month high ahead of US inflation data, Fed chair speech
Spot gold was up 0.5% at $4,627.42 per ounce, as of 0155 GMT, after hitting its highest level since May 15 earlier in the session
Gold prices have reached a three-month high ahead of US inflation data and a Federal Reserve speech. Spot gold increased by 0.5% to $4,627.42 per ounce, after touching its highest level since May 15 earlier in the session. The weaker dollar, which is expected to ease the cost of gold for non-US investors, is aiding the rise in gold prices.
Analysts are closely watching the July Personal Consumption Expenditures (PCE) price index data and Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium, as they could provide valuable insights into the US interest rate outlook.
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