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المصري اليوم
Gold rises as Treasury rebuy boosts prices
Gold prices rose during today’s trading to their highest levels in more than three months, driven by a wave of technical buying, a weaker dollar, and the U.S. Treasury Department's announcement of repurchasing U.S. Treasury bonds. The spot gold price reached approximately $4,680.70 per ounce, the highest since May 14, before slightly declining to $4,639.49. Meanwhile, December futures contracts increased to $4,697.80 per ounce. Fundamental and technical factors supported the upward trend, especially the stability of bond yields and gold’s price crossing its 200-day moving average. Record inflows into gold-backed exchange-traded funds (ETFs), totaling 46.7 tons last week—the largest in ten months—also contributed. Markets are now awaiting U.S. inflation data and the Jackson Hole symposium, with expectations of modest movements in gold prices over the coming weeks unless technical signals suggest a reversal of the trend.
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