Gold hits three-month high as dollar weakens, US Treasury moves
Gold prices surged to a three-month peak, heading for a third consecutive weekly gain, supported by a weaker dollar and surprise US Treasury bond buybacks.
Gold prices surged to a three-month high on Thursday, driven by a weaker dollar and unexpected US Treasury bond buybacks. The precious metal reached its highest level in over three months, supported by a combination of market factors and investor concerns. Spot gold rose 1.5 percent to $4,587.23 per ounce, while US gold futures climbed 1.6 percent to $4,645.
Analyst Ole Hansen from Saxo Bank noted that gold rebounded after Thursday's decline, with higher long-term US Treasury yields following a Treasury Secretary's interview not easing concerns over US debt and fiscal sustainability. The recent price surge has led to a slowdown in individual buying in India, while demand in China, the world's largest gold consumer, remained steady.
Silver saw a 2 percent increase to $69.48 per ounce, while platinum gained 2.5 percent to $1,873.58, and palladium rose 1.2 percent at $1,349.58.
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