Gold Scales Over Three-month High As Dollar Dips Ahead Of Fed Chair Speech

Gold extended gains on Monday after rising over 5 percent last week, driven by a softer dollar amid expectations that U.S. authorities will keep long-term borrowing costs in check.

Spot gold was up 0.7 percent at $4,637 an ounce, reaching its highest level in more than three months as the U.S. dollar lost further momentum on worries about Washington’s swelling fiscal obligations – now at $40 trillion after doubling in under ten years. U.S. gold futures edged up 0.2 percent to $4,691 an ounce.