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Gold surges to 3-month high as USD weakens

Published : Monday, 24 August, 2026 at 3:14 PM

Observer Online Report

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Gold prices in the international market rose to their highest level in over three months on Monday, driven by a weakening US dollar and investor anticipation of fresh signals on US interest rates.

According to news agency Reuters, spot gold surged 0.8 per cent to $4,641.27 per ounce around 10:30 AM on Monday. Earlier in the session, prices touched their highest level since May 15, following a rise of over 5 per cent last week.

Meanwhile, US gold futures edged up 0.4 per cent to trade at $4,697.70 per ounce.

The US dollar hovered near multi-month lows after the US Treasury announced plans to increase buybacks of long-term bonds, raising investor concerns over the currency. A weaker dollar generally makes gold, priced in USD, cheaper for buyers using other currencies, thereby boosting demand.

Tim Waterer, chief market analyst at KCM Trade, noted that gold returned to a strong position at the start of the week. He said the market is weighing what a weaker dollar and high bond yields signal regarding underlying economic pressures and policy uncertainty.

Market analysts believe gold prices could rise further if the Federal Reserve Chairman signals a cautious or dovish stance on interest rates. Expectations of rate cuts typically enhance the appeal of non-yielding assets like gold.

Geopolitical tensions also continue to support gold prices. With the US preparing major economic sanctions against Iran, rising global uncertainty maintains strong demand for gold as a safe-haven asset.

Among other precious metals, spot silver remained largely unchanged at $68.98 per ounce, platinum rose 0.1 per cent to $1,878.88, and palladium held steady at $1,350.

-SA

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Editor : Iqbal Sobhan Chowdhury

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