Gold price hits over three-month high as market focuses on US inflation data and Federal Reserve speeches

1. During early Asian trading on Monday, spot gold extended its rally, at one point reaching $4,640.72 per ounce, marking the highest level in over three months since May 15. Last week, gold prices rose more than 5%, fuelled by a weaker US dollar after the US Treasury Department's buyback plan weighed on the dollar. A softer dollar makes gold more attractive to buyers holding other currencies.
2. This week, market attention shifts to the release of the US July Personal Consumption Expenditures (PCE) Price Index and Federal Reserve Chair Walsh’s speech at the Jackson Hole symposium, where investors will seek further clues about the outlook for interest rates. If the data or his remarks are dovish, it could alleviate concerns over further Fed rate hikes, thereby weakening Treasury yields and supporting gold.
3. In a report last Friday, Goldman Sachs noted that surging demand for bullish gold options could further drive up prices, suggesting their previous year-end target of $4,900 may be exceeded.
4. At the end of July, the National Bank of Poland increased its gold holdings to 20.6 million troy ounces, highlighting an ongoing trend of official sector gold accumulation. On the geopolitical front, the Iranian foreign minister dismissed fresh US sanctions threats as a “sign of desperation,” reinforcing gold’s appeal as a safe haven.
5. In trade developments, Canadian Prime Minister Carney said Canada will impose retaliatory tariffs on certain US goods in response to the US decision to slap a 50% tariff on Canadian products. The Canada-US trade dispute continues to intensify.

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