Gold prices remained firmly above the $4,500‑per‑ounce threshold on Friday, keeping the metal on track for a third consecutive weekly gain. The weekly rally lifted gold about 4 % and positions the August performance at more than 11 % higher than the start of the month.
At 22:12 ET (02:12 GMT) the spot XAU/USD price was $4,520.71 per ounce, a 0.03 % rise, while front‑month Gold Futures traded at $4,576.51, up 0.1 %. Silver (XAG/USD) climbed 0.5 % to $68.43 per ounce and platinum (XPT/USD) jumped 1.7 % to $1,867.71 per ounce. The US Dollar Index slipped 0.1 % to 98.77, indicating a weekly decline of more than 0.8 %.
The Treasury announced it would double its buybacks of longer‑dated Treasury securities to at least $4 billion per operation for the next quarter, a move intended to push long‑term yields lower. Treasury Secretary Scott Bessent said the purchases could be increased further and argued that current yields do not reflect underlying economic fundamentals. Lower yields reduce the opportunity cost of holding non‑interest‑bearing gold, thereby supporting bullion prices.
A weaker dollar has added to investor appetite for gold, as the lower dollar price makes the metal cheaper for holders of other currencies. The labor market data showed a slip in weekly jobless claims, suggesting stability despite a July surprise employment decline. Market pricing on the CME FedWatch tool shows a 64 % probability that the Federal Reserve will leave policy rates unchanged in September and a 36 % chance of a hike.
Fed officials have cautioned that the Treasury’s debt‑management strategy could interact with monetary policy, potentially easing financial conditions while the Fed continues to target inflation. On the geopolitical front, Secretary Bessent indicated that the United States will impose the “toughest sanctions” in history on Iran, a move that could affect global risk sentiment.
ANZ analysts noted that the week’s move reinforces gold’s broader case as investors diversify away from the dollar and U.S. assets.