Gold surges above $4,700 as dollar weakness fuels safe-haven demand

Gold prices surged above $4,700 an ounce on Monday, reaching their highest level in more than three months as a weaker dollar and persistent geopolitical uncertainty strengthened demand for the precious metal. Investors shifted their focus towards July PCE inflation data and Fed Chair Kevin Warsh?s Jackson Hole speech for fresh clues on the US interest-rate outlook. Continued tensions in the Middle East and the prospect of new US sanctions against Iran further supported safe-haven demand. MCX October bullion futures gained 0.6% to Rs 1,63,373 per 10 grams after touching a session high of Rs 1,63,965.

Powered by Commodity Insights