Gold nears $4,650 as weaker dollar lifts bullion

August 24, 2026 (MLN): Gold prices rose to their highest level in more than three months on Monday, supported by a weaker U.S. dollar as investors turned their attention to upcoming U.S. inflation data and a speech by Federal Reserve Chair Kevin Warsh later this week.

Currently, spot gold is up 1.02% to $4,649.95 an ounce as of [11:34 am] PST, according to data reported by Mettis Global.

The dollar remained near multi-month lows amid market uncertainty following the U.S. Treasury’s plans to buy back longer-dated government bonds, according to CNBC.

A weaker dollar typically supports gold by making the greenback-priced metal cheaper for buyers holding other currencies.

Investors are also monitoring developments on the geopolitical front, with the United States threatening Iran with what it described as its “greatest financial offensive ever marshalled” through sanctions targeting the country’s trade partners.

Elsewhere in precious metals, spot silver declined 0.3% to $68.76 an ounce, while platinum fell 0.5% to $1,868.03. Palladium also slipped 0.3% to $1,345.87.

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