Gold advances for third week amid US debt concerns

The price of gold is heading towards its third consecutive weekly gain, driven by an unexpected increase in long-term US government bond buybacks, which highlighted concerns about rising US debt levels. Following the sudden liquidity infusion from the Treasury Department, US bond yields and the dollar declined, boosting gold prices, which approached $4,560 per ounce and gained around 4% this week. Continuing this trend, gold maintained its gains despite rising yields, with a key technical signal expected if it breaks above its 200-day moving average at approximately $4,514. The gains are attributed to concerns over mounting government debt, along with a weakening dollar and a slowdown in price increases due to pressures from energy prices and inflation, despite gold being down 15% since the start of the US-Iran conflict in February.

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