The price of gold on the global market has risen to its highest level in the past three months, APA-Economics reports.
As of 10:05 Baku time, December gold futures on Comex rose by 0.42%, or $19.6, to $4,700.2 per ounce.
The spot price of gold increased by 0.99%, or $45.67, to $4,648.74 per ounce.
The precious metal has gained more than 5% over the past week alone.
According to analysts, the weakening of the U.S. dollar has provided the main support for the rise in gold prices. The dollar has approached multi-month lows amid the U.S. Treasury’s plans to increase buybacks of long-term bonds. Market participants are also watching upcoming U.S. inflation data and Federal Reserve Chair Kevin Warsh’s expected speech at Jackson Hole. Rising tensions in U.S.-Iran relations are also supporting demand for gold as a safe-haven asset.
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