Gold Just Topped $4,500 and the U.S. Treasury May Keep Pushing It Higher

TLDR

• Gold is trading above $4,500 an ounce, up around 4% this week and 11% in August
• The U.S. Treasury doubled buybacks of long-dated debt, pushing yields and the dollar lower
• Treasury Secretary Scott Bessent said buybacks could be expanded further
• A weaker dollar and falling yields reduce the opportunity cost of holding gold
• Rising oil prices and inflation risks could limit further gold gains

Gold is heading for its third straight weekly gain, trading around $4,530 an ounce as a softer dollar and U.S. Treasury debt management moves continue to push prices higher.

The metal has climbed about 4% this week and is up more than 11% in August alone. Gold futures also gained, rising to around $4,587.

Treasury Buybacks Push Yields Lower

The U.S. Treasury announced this week it would double buybacks of longer-dated government securities to at least $4 billion per operation over the next quarter. The move sent long-term yields lower and weakened the dollar.

BREAKING: US Treasury Secretary Bessent says Treasury buybacks announced yesterday could now MORE than double, exceeding $4 billion per operation.

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