Gold tops $4,620 as Treasury buybacks deepen dollar fears
What's new: Bullion is up more than 5% in a week, and Ray Dalio urged investors to put as much as 15% into gold.
Gold traded near a three-month high Monday after the US Treasury stepped up buybacks of long-dated debt, a move that pushed the dollar lower and revived fears about US fiscal strain. Bullion rose above $4,620 an ounce in early Singapore trading after climbing more than 5% last week, its third straight weekly gain. Investors have increasingly treated the rally as a bet against the dollar rather than just a response to lower yields, even as 30-year Treasury yields erased much of their initial drop. Treasury Secretary Scott Bessent has indicated the administration could expand the buybacks further and roll out a broader fiscal plan to tackle high borrowing costs. Bridgewater founder Ray Dalio also urged investors to cut bond exposure and hold up to 15% in gold.