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Gold prices remained firmly above $4,500 an ounce on Friday, putting the precious metal on track for a third consecutive weekly gain as a weaker U.S. dollar and Treasury efforts to contain long-term bond yields supported demand.
Spot gold edged 0.03% higher to $4,520.71 an ounce, while gold futures rose 0.1% to $4,576.51. Silver gained 0.5% to $68.43 an ounce, and platinum climbed 1.7% to $1,867.71. Meanwhile, the U.S. Dollar Index slipped 0.1% to 98.77.
Gold has gained about 4% this week and is heading toward an August advance of more than 11%. The latest rally follows a strong recovery from its late-June low near $3,942 and a decisive move above the psychologically important $4,500 level.
Bullion received support after the U.S. Treasury announced plans to double purchases of longer-dated government securities to at least $4 billion per operation over the coming quarter. Treasury Secretary Scott Bessent also indicated that buybacks could be increased further, arguing that current bond yields do not accurately reflect economic fundamentals.
Lower Treasury yields typically benefit gold because the metal does not generate interest. Falling yields reduce the opportunity cost of holding bullion while also putting pressure on the dollar. A weaker greenback makes dollar-denominated gold more affordable for buyers using other currencies.
The dollar was headed for a weekly decline of more than 0.8% as investors continued assessing U.S. fiscal concerns and the outlook for monetary policy.
Federal Reserve expectations remain another key factor for gold prices. Markets currently see a 64% probability that the Fed will keep interest rates unchanged in September and a 36% chance of a rate increase, according to CME FedWatch.
Geopolitical uncertainty is also supporting safe-haven demand. Bessent said the United States plans to impose its toughest-ever sanctions on Iran, potentially increasing economic pressure on Tehran.
ANZ analysts said gold's latest breakout also reflects broader investor efforts to diversify away from the dollar and U.S. assets, strengthening bullion's appeal amid fiscal, monetary and geopolitical uncertainty.
