Gold Surges 3.6% Toward $4,500 as US Treasury Doubles Long-Dated Buybacks
Gold rallied 3.6% toward $4,500 after the US Treasury doubled long-dated bond buybacks to at least $4 billion per operation, pushing 30-year yields lower and weakening the dollar.
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Gold jumped 3.6%, moving toward $4,500, after the US Treasury doubled the size of its long-dated bond buyback operations to at least $4 billion each. The move sent 30-year Treasury yields down roughly 9 basis points and pressured the dollar.
Lower long-end yields and a softer dollar supported precious metals. Silver and precious-metal miners also received a boost from the shift in Treasury and currency markets.
Source: First Squawk