A US Treasury move suppressed yields and weakened the dollar, fueling gold’s rally above $4,500 and near its 200-day moving average.
Gold prices rose 0.6% to $4,544, extending a rally driven by a US Treasury decision to double buybacks at the long end of the yield curve. The move suppressed Treasury yields and weakened the dollar, key tailwinds for the precious metal.
The streak marks gold’s third consecutive weekly gain, a pattern not seen since March. Technical momentum is building, with buyers eyeing a close above the 200-day moving average at $4,514 to shift bias toward $4,600.
While yields rebounded in recent sessions, gold’s resilience suggests sustained bullish sentiment. Analysts note the Treasury’s action signals a potential “Bessent put,” reinforcing support for the metal.