Gold steadies, heads for third straight weekly gain
Gold was supported by a weaker dollar and Treasury buybacks, with spot prices up 3.2% for the week, Reuters reported.
- On Friday, gold prices held steady and were on track for a third consecutive weekly gain, supported by a weaker United States dollar and Treasury Department bond buyback operations.
- Treasury Secretary Scott Bessent announced Wednesday the government will double buybacks of longer-dated securities to at least $4 billion per operation, boosting precious metals prices.
- Traders are pricing in a 64% chance the Federal Reserve will keep rates unchanged next month and a 36% probability of a hike, according to the CME FedWatch Tool.
- On the geopolitical front, Bessent stated the United States will impose "the toughest sanctions in history" on Iran, a move he suggested could reduce the need for major military operations.
- Labor market data remains stable, leaving the Federal Reserve focused on containing inflation, while Brian Lan of GoldSilver Central noted gold's trajectory depends on upcoming Fed decisions and market rate expectations.
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Shafaq News - Erbil: Gold prices were stable on Friday but are on track for their third consecutive weekly gain, supported by a weaker dollar and efforts by the US Treasury Department to curb rising long-term bond yields. Spot gold was little changed at $4,514.23 per ounce after hitting its highest level since early June in the previous session. The metal has gained 3.2 percent since the start of the week. US gold futures settled at $4,571.20. T…
Gold on Track for Third Consecutive Weekly Gain - ActionForex
Gold traded above 4,500 USD per ounce on Friday, on track to close higher for the third straight week. Demand for safe-haven assets has increased amid heightened volatility in foreign exchange and debt markets. Rising oil prices continue to fuel inflation risks. Gold surged more than 4% on Wednesday after the US Treasury announced plans […] The post Gold on Track for Third Consecutive Weekly Gain appeared first on ActionForex.
Why is gold rallying and could US debt fears send it to $5,000?
Gold climbed on Friday and was set for a third straight weekly gain as a weaker dollar and concerns over US fiscal policy kept demand for bullion firm, even as Treasury yields rebounded from their midweek lows. Spot gold traded near $4,540 an ounce in Asian hours after reaching its highest level since early June on Thursday. The metal has gained about 3.6% this week, while US gold futures advanced towards $4,594. Silver, platinum and palladium w…
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