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Gold rises 3.4% on falling yields
Gold prices rose significantly by 3.4%, reaching $4,483.43 per ounce. This increase was driven by a sharp decline in U.S. Treasury bond yields following the Treasury Department's announcement of doubling long-term bond buybacks, which boosted demand for gold as a safe haven. At the same time, Federal Reserve meeting minutes revealed ongoing concerns about inflation, with many policymakers indicating that interest rates would need to be raised if inflation does not fall back to the 2% target. Additionally, rising energy prices due to tensions in the Middle East support the scenario of continued inflationary pressures and the central bank's hesitation to cut interest rates. The dollar index declined by 0.6% to 99.02 points, further enhancing gold's appeal to investors.
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