Gold hits $4,636.34 as markets await July PCE, Kevin Warsh
Business
Gold just hit its highest price since May, jumping to $4,636.34 per ounce.
This spike happened as everyone waits for big US economic news, like the July PCE price index and a speech from Federal Reserve Chair Kevin Warsh, which could signal where interest rates are headed.
Treasury buyback weakens dollar, lifts gold
Last week, gold surged over 5% thanks to a US Treasury buyback program that made the dollar weaker and gold more attractive globally.
Geopolitical tensions and the threat of new US sanctions have pushed even more investors toward gold as a safe bet.
Goldman Sachs thinks gold could break past $4,900 by year-end, and Poland's central bank has boosted its reserves too.