Spot gold rose 0.6% on Tuesday to $4,677.19 per ounce, reaching its highest level since mid-May. So far this month, gold has accumulated gains of over 15%. A weaker dollar makes dollar-denominated gold more attractive to investors holding other currencies, while the U.S. Treasury's recent announcement of a bond buyback program has suppressed government bond yields, reducing the opportunity cost of holding gold. The DXY (US Dollar Index) has fallen 0.8% this month, and U.S. government bond yields have also decreased by 3 basis points this month. The market is currently focused on the speech by Federal Reserve Chair Kevin Warsh ahead of this week's Jackson Hole symposium for further clues on the interest rate outlook.