Gold prices continued their upward trajectory on Monday, reaching their highest point in over three months. This movement comes as investors anticipate upcoming U.S. inflation data and a speech later this week from Federal Reserve Chair Kevin Warsh. Spot gold was up 0.7% at $4,636.34 per ounce, as of 0015, marking its highest level since May 15. U.S. gold futures climbed 0.3% to $4,694.80. Gold experienced an increase of over 5% last week, driven by the U.S. Treasury’s buyback support plan, which exerted pressure on the dollar. A weaker U.S. dollar renders gold priced in dollars more accessible for holders of alternative currencies. Market participants will closely monitor the July Personal Consumption Expenditures price index and Fed Chair Warsh’s speech at the Jackson Hole symposium this week for fresh clues on the U.S. rate outlook.

Gold prices may exceed Goldman Sachs’s $4,900 year-end forecast, as increasing demand for bullish gold options could further enhance gains, the bank noted on Friday. Poland’s central bank reported an increase in its gold holdings, rising to 20.6 million troy ounces (640.2 metric tonnes) at the end of July, up from 20.3 million ounces at the end of June, underscoring official-sector demand. On the geopolitical front, Iran’s foreign minister characterised the anticipated new U.S. sanctions as a manifestation of desperation, asserting that these measures would ultimately be ineffective against Tehran, thereby reinforcing the safe-haven appeal of bullion.

Meanwhile, on the trade front, Canada will impose tariffs on certain U.S. goods in response to the 50% levies mandated by President Donald Trump on Canadian products, Prime Minister Mark Carney stated on Saturday, following the breakdown of trade negotiations between the two neighbouring countries. Among other metals, spot silver experienced an increase of 0.8%, reaching a price of $69.51 per ounce. Platinum increased by 0.4%, reaching $1,885.38, whereas palladium saw a rise of 0.1%, settling at $1,350.53.