Gold jumps to $4,620 as safe-haven buying accelerates on softer dollar

Gold rallied above $4,600 an ounce on Friday, marking one of its strongest weekly gains this year as a weakening U.S. dollar and renewed worries over America's fiscal position steered investors toward defensive assets. Spot gold hit $4,620.14—its highest in three months—and was up more than 5% for the week, Reuters reported. U.S. gold futures also pushed higher, trading above $4,670. The advance builds on a rebound that began earlier this month after a softer U.S. jobs report prompted markets to reassess the interest-rate outlook, helping lift demand for bullion. A nearly 1% weekly decline in the dollar has supported the move by making dollar-priced gold cheaper for overseas buyers. Fiscal concerns have also resurfaced after U.S. debt topped $40 trillion. Treasury Secretary Scott Bessent's move to expand buybacks of longer-dated government securities briefly eased pressure in the bond market, while keeping attention on the scale of U.S. financing needs. Technically, gold's break above its 200-day moving average near $4,513 added momentum, drawing in new buying following months of volatility. Sentiment among professional investors has improved. Bank of America's latest fund manager survey showed a net 16% of respondents said gold looks undervalued, up from 6% in July and the strongest reading since March 2023. The shift comes even as positioning remains heavily skewed toward equities, indicating bullion demand is increasingly tied to hedging rather than a broad risk-off rotation. The rally has also revived comparisons with Bitcoin. Prior research has noted the two can behave very differently during market stress even though both are often pitched as stores of value. This week, Bitcoin has nonetheless surged alongside gold, while major stock indexes have struggled, renewing interest in scarce assets as investors weigh fiscal risk, currency weakness and inflation. Other precious metals rose as well. Silver climbed above $69 an ounce, and platinum and palladium also advanced. Longer-term forecasts remain broadly constructive but divided. Earlier this year, JPMorgan projected gold could reach $6,300 by year-end, while other banks have warned that higher rates or easing geopolitical risks could spark another correction. Separate outlooks have also highlighted central-bank buying as a key structural source of demand.