Gold Prices Rise 1.4% to $4,133.83 per Ounce Due to Dollar and Oil Price Declines

Gold has been increasing for the third consecutive trading session. On August 5, the spot price rose by 1.4% to reach $4,133.83 per ounce. Gold futures in the U.S. increased by 1% to $4,191.90. The primary reason for the rise is the depreciation of the U.S. dollar, making precious metals more attractive to buyers using other currencies. Concurrently, there is a decline in oil prices, which reduces inflationary pressure on central banks. The geopolitical situation is also influencing prices: Qatar has reported shifts in negotiations to end the war between the U.S. and Iran. Experts at TD Securities suggest that the price of gold will remain within the current range. The probability of an interest rate hike by the U.S. Federal Reserve in September stands at 59%. At the same time, other precious metals have also increased in price: spot silver rose by 2% to $60.70 per ounce, platinum increased by 1% to $1,751.03, and palladium rose by 0.5% to $1,360.25.

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