Gold surges toward $4,500 as Treasury buyback sinks US yields
Gold jumped more than 3.7% on Wednesday, trading near $4,495 and hitting its highest since June as falling US yields weighed on the dollar.
XAUUSD
Gold rallied sharply on Wednesday, with XAU/USD changing hands around $4,495 — up more than 3.7% on the session and at its highest level since June.
The advance came as the US dollar edged lower and US bond yields declined. The drop in yields followed a US Treasury buyback of long-dated bonds, which helped support demand for non-yielding gold.
The combination of softer yields and a weaker dollar kept the precious metal bid near the $4,500 mark.
Source: FXStreet Forex News