Gold Approaches Highest Level in One Month

Gold prices hovered near their highest levels in over a month on Friday, driven by a generally weaker dollar and increased expectations of the U.S. Federal Reserve cutting interest rates in September, which have boosted demand for the precious metal.

In spot trading, gold steadied at $3413.80 per ounce by 0059 GMT after reaching its highest since July 23 on Thursday. Gold has also increased by 3.6 percent since the start of the month.

Similarly, U.S. gold futures for December delivery held steady at $3473.80. The dollar dipped by 0.4 percent overnight and is heading for a monthly loss, making dollar-denominated gold cheaper for holders of other currencies.

In other precious metals trading, silver dropped in spot trading by 0.1 percent to $39.02 per ounce. Meanwhile, platinum slipped by 0.2 percent to $1356.69, and palladium stayed unchanged at $1102.75.