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The Economic Times

Gold hits highest since May 14 as Treasury buyback news lifts prices

AI Market Summary
Gold extended its rally after the U.S. Treasury's expanded buyback operations supported longer-dated bonds, reinforcing expectations for softer real yields. Markets are now focused on U.S. PCE inflation and the Fed Chair's Jackson Hole speech for rate guidance, key inputs for bullion's opportunity cost. Citi's higher near-term target and a less hawkish Fed narrative further underpin near-term demand.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT-0.08%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Gold rose on Tuesday after news about U.S. Treasury buybacks supported demand. Spot gold gained 0.6% to $4,676.75 an ounce and touched its highest since May 14, while futures climbed 0.8% to $4,734.50. Markets are watching upcoming U.S. inflation data and remarks from the Federal Reserve chair for clues on interest rates. Citi on Monday lifted its 0-to-3-month gold target to $4,800 an ounce and kept its 6-to-12-month target at $5,000, citing easing Strait of Hormuz tensions, lower real rates and a less hawkish Fed.
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