Gold Prices Soar as Dollar Declines

Gold continued its upward trend for the third consecutive session on Thursday, driven by a weaker dollar and declining Treasury yields. This comes as traders increasingly bet on a U.S. interest rate cut in September.

Gold in the spot market rose approximately 0.4% to $3368.99 per ounce by 0121 GMT. U.S. gold futures for December delivery climbed 0.3% to $3417.80.

The dollar neared its lowest levels in several weeks against rival currencies, making gold cheaper for holders of other currencies.

Among other precious metals, silver increased 0.2% in spot trades to $38.56 per ounce. Platinum edged down 0.1% to $1338.33, while palladium jumped 1.3% to $1136.70.