Edelmetalle: Goldpreis steigt auf Drei-Monats-Hoch

Gold prices surged to a three-month high on Monday, with a one-ounce ounce of gold rising by up to 0.8 percent to more than $4,640 – the highest intraday level since mid-May. The notation had already increased by over five percent last week, marking the third weekly gain in a row. The catalyst behind this was an unexpected announcement from the US Treasury Department in Washington, which plans to significantly expand purchases of long-term government bonds.

As a result, Treasury yields temporarily fell, and the dollar weakened. Concerns have risen that US policy efforts to control borrowing costs through direct intervention may undermine confidence in the dollar and make other assets more attractive. This has renewed focus on the so-called "debasement trade," which contributed to a 65 percent increase in gold prices in 2025.

Analyst Justin Lin of Global X ETFs sees room for macro investors to shift significantly into precious metals given this narrative of currency depreciation. After the unexpected announcement on Wednesday, US Treasury Secretary Scott Bessent signaled willingness to expand purchases of higher-yielding bonds and announced that the government would soon propose a fiscal initiative to counter the highest credit costs in years.

Analyst Christopher Wong of Oversea-Chinese Banking Corp suggested there is still room for consolidation after a rapid rally that pushed the gold price close to $5,600 per ounce. The main short-term risks identified are a further rise in real yields or the dollar. Billionaire investor Ray Dalio of Bridgewater Associates recommended investors reduce their bond holdings and allocate up to 15 percent of their funds to gold as a hedge against the risk of a US debt crisis. More: Government debt expansion – markets brace for an "activist" US Treasury.