29.08.202502:47:37UTC+00Gold Holds Close to Five-Week High

Gold prices hovered around $3,410 per ounce on Friday, marking its highest point in over a month, as it charts a course for a second consecutive weekly increase. This surge is buoyed by a softer US dollar and heightened demand for safe-haven assets. Investors are turning to gold amid lingering uncertainties surrounding US monetary policy. Concerns that political pressures on the Federal Reserve might hasten interest rate cuts have driven prices upward, with market predictions largely favoring a 25 basis point cut in September. Fed Governor Christopher Waller has indicated support for beginning rate cuts next month, stating he "fully expects" further reductions to realign policy towards a neutral stance, a sentiment echoed by his colleagues. Additionally, investors are anticipating the US personal consumption report due today, projected to show acceleration. This comes after revised data revealed the US economy's slightly faster growth in the second quarter, intensifying inflation worries. For the month, gold appears set to achieve its strongest performance since April.