Gold Rises as Dollar Weakens Amid Economic Concerns

Manama: Gold prices rose 0.4% to $4,607.90 per ounce in spot trading, supported by a weaker dollar ahead of US Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium. US gold futures for December delivery gained 0.2% to $4,664.According to Bahrain News Agency, silver prices increased by 1.8% to $69.35 per ounce. Platinum saw a gain of 1%, reaching $1,848.08, while palladium rose by 1.3% to $1,344.72. Analysts attributed the rise in gold prices to concerns over the US budget deficit and the dollar's purchasing power. There is also strong demand from investment funds and central banks, which provided further support for gold prices in the market.