Gold hits over three-month high ahead of US inflation data, Fed chair speech
GLD•Other metals higher
Among other metals, spot silver XAG= gained 0.8% at $69.51 per ounce. Platinum XPT= rose 0.4% to $1,885.38, while palladium XPD= was up 0.1% at $1,350.53.
NO DATA/EVENTS EXPECTED FOR MONDAY, AUGUST 24
Central bank demand and geopolitical tensions
Highlighting official-sector demand, Poland's central bank said its gold holdings rose to 20.6 million troy ounces (640.2 metric tons) as of the end of July from 20.3 million ounces as of end-June.
On the geopolitical front, Iran's foreign minister dismissed the threat of new U.S. sanctions as a sign of desperation and said the expected new measures would fail to defeat Tehran, underpinning bullion's safe-haven appeal.
Meanwhile, on the trade front, Canada will impose tariffs on some U.S. goods in retaliation for 50% levies ordered by President Donald Trump on Canadian products, Prime Minister Mark Carney said on Saturday, after trade talks between the two neighbors collapsed.
Dollar weakness and rate outlook support bullion
Gold rose more than 5% last week after U.S. Treasury's buyback support plan pressured the dollar. A weaker U.S. dollar makes greenback-priced bullion more affordable for holders of other currencies.
