Gold prices continued to rise on Monday.
They reached their highest level in more than three months.
Investors are awaiting U.S. inflation data and a speech by Federal Reserve Chair Kevin Warsh later this week.
Spot gold prices rose 0.7% to $4,636.34 per ounce.
This is the highest level since May 15.
Similarly, U.S. gold futures rose 0.3% to $4,694.80.
The precious metal had posted gains of more than 5% last week.
This came after the U.S. Treasury’s bond-buyback plan put pressure on the dollar. Typically, a weaker U.S. dollar boosts gold’s appeal to holders of other currencies.
Meanwhile, traders are awaiting the release of the July Personal Consumption Expenditures (PCE) index.
They are also awaiting the Federal Reserve Chair’s speech at the Jackson Hole symposium, looking for clues about the path of interest rates.
Goldman Sachs forecasts that gold will reach $4,900 by the end of the year.
However, it noted the possibility that gold could exceed this level, supported by growing demand.
Additionally, the Polish central bank’s reserves rose to 640.2 metric tons by the end of July.
Geopolitical and trade tensions contributed to stronger demand for safe-haven assets.
As for other metals, silver rose to $69.51, platinum to $1,885.38, and palladium to $1,350.53.
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