In brief – Gold climbed toward $4,700 an ounce Tuesday, reaching its highest level since mid-May. – Bitcoin crossed $80,000 for the first time in three months as the dollar weakened. – Gold-backed ETFs recorded $3 billion in net inflows in July after two consecutive months of…
tflows. Gold climbed to a three-month high Tuesday, extending its August rally as a weaker dollar and falling Treasury yields boosted demand for the precious metal
Spot gold reached $4,696.18 an ounce, its highest level since May 14, before pulling back. Bitcoin rallied alongside gold, climbing above $80,000 for the first time since mid-May and reaching $81,237 before giving back some of its gains. The rallies come as the dollar and long-term Treasury yields have fallen following the Treasury Department’s expansion of bond buybacks last week.
Gold jumped 3% after the announcement, according to a recent . Demand for gold investment products had already started to recover. Global gold-backed exchange-traded funds recorded $3 billion in net inflows in July, reversing two consecutive months of outflows, according to the World Gold Council.