Gold rises over 1% as US Treasury buyback announcement looms
Gold rose more than 1% on Wednesday, supported by the US Treasury's announcement of a bond buyback for September 10, even as the US Dollar clawed back some losses and yields edged higher.
Gold Market
Gold rose more than 1% on Wednesday, supported by the US Treasury's announcement of a bond buyback for September 10, even as the US Dollar clawed back some losses and yields edged higher.
Gold traded near $4,676 an ounce, up 7% in four sessions, as US Treasury buybacks weakened the dollar. Investors await Fed chair Kevin Warsh at Jackson Hole, while trade tensions add to safe-haven demand.
Gold declined on Thursday as investors locked in profits after the metal hit a two-month high. Analysts suggest the pullback is a consolidation within a broader uptrend, with key support at $4,400.