Gold tops $4,000 but set for 11% monthly loss

Key Facts

In a sign of sharp volatility in precious metals, gold rose above $4,000 per ounce after falling below that level earlier in the month. According to market data, the yellow metal is still on track for an 11% monthly loss, its worst monthly performance since the global financial crisis.

This bounce occurs amid continued headwinds from a strong dollar and rising real yields, capping gains. Although gold is typically a safe haven, the large monthly loss suggests investors currently favor cash and risk assets over precious metals.

Markets await inflation reports and central bank meetings to determine gold's direction next month.