Gold climbs toward $4,564 as US debt buybacks hit dollar
Why it matters: bullion was up about 5% for the week as Treasury buybacks deepened worries over US borrowing and currency credibility.
Gold climbed to about $4,564 an ounce after the US Treasury unexpectedly increased buybacks of long-dated government debt, a move that pushed the dollar to a three-month low and revived investor concern over Washington’s fiscal path. Bullion was headed for a third straight weekly gain and was up roughly 5% on the week, while the Bloomberg Dollar Spot Index was set for a weekly loss. Treasury Secretary Scott Bessent later signaled the administration could expand the repurchases further and roll out a fiscal initiative aimed at high borrowing costs. Analysts said gold kept rising even after long-term yields retraced much of their initial drop, suggesting the rally is being driven less by yields alone and more by fears of dollar weakness and debt debasement.