Gold Nears $4,620 as Treasury Buybacks Stoke Dollar Debasement Fears
Updated
Updated · Yahoo Finance · Aug 24
Gold Nears $4,620 as Treasury Buybacks Stoke Dollar Debasement Fears
3 articles · Updated · Yahoo Finance · Aug 24
Summary
Gold traded near a three-month high, rising 0.1% to $4,608.01 an ounce in Singapore after touching above $4,620 in early trading.
Treasury buybacks of long-dated US debt drove yields and the dollar lower last week, reviving a debasement trade that pushed bullion up more than 5% and extended its winning streak to three weeks.
Scott Bessent deepened that shift by saying the Treasury could expand buybacks further and would soon unveil a fiscal initiative aimed at easing the highest borrowing costs in years.
Ray Dalio added support Friday, urging investors to cut bond holdings and put as much as 15% into gold as a hedge against a potential US debt crisis.
The move builds on broader haven demand already tied to geopolitical and macro uncertainty, with the Bloomberg dollar gauge having fallen to a more than three-month low in the previous session.