Iran Sanctions Drive Gold to Three-Month High

Gold prices rallied to a three-month high as the United States announced a new sanctions campaign against Iran, described by the US Treasury Secretary as an "economic onslaught." The heightened geopolitical tensions in the Middle East fueled significant safe-haven demand for the precious metal, with market participants closely monitoring the situation. This focus on geopolitical risk comes as investors also await potential monetary policy signals from the upcoming Jackson Hole symposium.

Silver Pulls Back from Key Resistance

In contrast to gold's advance, silver prices reversed course on Monday, experiencing a pullback. The white metal failed to sustain its upward momentum and break past a key resistance level, which prompted a retreat to test its 100-day Simple Moving Average. At the time of writing, silver was trading in negative territory for the day.

US Dollar Stabilizes Ahead of Jackson Hole

The US Dollar Index showed signs of stabilization, attempting a modest rebound following last week's sell-off. The dollar's weakness has persisted despite the Federal Reserve's current monetary policy stance, with some market observers attributing its movements to actions by the US Treasury. Investor attention is now shifting towards the Federal Reserve Chair's upcoming speech at the Kansas City Fed's Jackson Hole Symposium for further direction.