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Gold prices remained close to a more than two-month high on Thursday as falling U.S. Treasury yields, a softer dollar and expectations for easier financial conditions boosted demand for the precious metal.
Spot gold (XAU/USD) fell 0.7% to $4,491.35 an ounce by 22:37 ET (02:37 GMT), after reaching an intraday high of $4,527.67. Gold futures edged 0.1% higher to $4,548.51. Silver was nearly unchanged at $66.99 an ounce, while platinum declined 1.1% to $1,801.42. The U.S. Dollar Index rose slightly to 98.84.
Gold's recent strength followed the U.S. Treasury's surprise decision to double the size of certain liquidity-support buybacks involving longer-dated government debt. The move increased demand for Treasuries and pushed long-term yields lower, helping gold extend momentum after surging more than 4% on Wednesday.
Lower Treasury yields typically support gold because bullion does not generate interest. As bond yields decline, the opportunity cost of holding gold decreases, potentially making the metal more attractive to investors. A relatively weak U.S. dollar also benefits dollar-denominated commodities by making them less expensive for buyers using other currencies.
Concerns about U.S. government finances are adding to market uncertainty after federal debt surpassed $40 trillion for the first time. ANZ analysts said the Treasury's expanded buyback program could indicate an effort to reduce borrowing costs, creating financial conditions that are generally favorable for gold prices.
However, Federal Reserve policy remains a key risk. Minutes from the Fed's July meeting showed several officials were open to raising interest rates, while many indicated tighter policy could become necessary if inflation fails to return toward the 2% target.
CME FedWatch data showed markets pricing a 67.3% probability that the Fed keeps interest rates unchanged in September, compared with a 32.7% chance of a rate hike.
Longer-term gold demand also remains supported by central banks. A World Gold Council survey found that 45% of central banks intend to increase their gold reserves, with inflation concerns and geopolitical uncertainty among the main drivers.
