Gold surges over 3% as US Treasury announcement hurts yields, dollar
Gold surged over 3 percent to its highest in over two-and-a-half months on Wednesday after a surprise liquidity support announcement by the U.S. Treasury knocked down bond yields and the dollar ahead of the release of the Federal Reserve's July meeting minutes. Spot gold climbed 3.6 percent to $4,487.91 per ounce by 2:10 p.m. EDT (1810 GMT) after touching its highest level since June 4 at…
Gold prices surged over 3% on Wednesday, reaching their highest level in over two-and-a-half months, following a surprise liquidity support announcement by the U.S. Treasury. The unexpected move knocked down bond yields and the dollar, making dollar-priced gold less expensive for holders of other currencies. Spot gold climbed 3.6% to $4,487.91 per ounce, breaking above its 100-day moving average of around $4,381.
U.S. gold futures also settled 2.8% higher at $4,545.30. Industry expert Robert Gottlieb attributed the bullish trend to the lower yields on longer-dated Treasuries and the potential for a lower dollar.
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