Spot gold rose 1% to $4,285.69 per ounce in Singapore, marking its highest level since June 18. This increase represents a fourth consecutive session of gains for the precious metal.
According to SPA, the climb was driven by a weaker US dollar and declining US Treasury yields, which boosted demand.
Other precious metals also saw increases. Spot silver advanced 0.4% to $62.34 per ounce, platinum rose 0.8% to $1,750.15 per ounce, and palladium gained 1% to $1,377 per ounce.
What factors contributed to the recent rise in gold prices? The increase in gold prices, which reached a seven-week high, was driven by a weaker US dollar and declining US Treasury yields. These two factors combined to boost demand for the precious metal, allowing spot gold to rise 1% to $4,285.69 per ounce.
How did other precious metals perform alongside gold? Several other precious metals posted gains during this period. Spot silver advanced 0.4% to reach $62.34 per ounce, while platinum rose 0.8% to $1,750.15 per ounce and palladium gained 1% to reach $1,377 per ounce.
What is the current status of spot gold prices according to the report? Spot gold has extended its gains for a fourth consecutive session, climbing to $4,285.69 per ounce. This price point represents a 1% increase and is the highest level the metal has seen since June 18.