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Gold prices surged to a three-month high on Friday and headed for strong weekly gains as a weaker U.S. dollar and mounting concerns over Treasury yields and government debt boosted demand for the precious metal.
Spot gold climbed 2.1% to $4,617.23 per ounce at 16:01 ET (20:01 GMT), putting it on course for a 5.6% weekly gain. Gold futures advanced 2.2% to $4,673.84 per ounce and were up 5.4% for the week.
Bond market volatility remained a key driver for gold prices. Longer-dated U.S. Treasuries have faced heavy selling since the Federal Reserve's July interest rate decision, fueled by inflation concerns, rising oil prices and increased corporate debt issuance to finance artificial intelligence infrastructure.
The 30-year Treasury yield reached a 19-year high of 5.337% on Tuesday, while the benchmark 10-year yield touched a fresh 52-week high of 4.748%.
The Treasury Department attempted to ease pressure on Wednesday by announcing plans to increase repurchases of long-dated government debt to at least $4 billion from $2 billion. The move initially pushed bond yields lower, but much of the rally faded over the following two sessions as investors questioned whether the measure could provide lasting relief.
On Friday, the 30-year yield rose 3.5 basis points to 5.272%, while the 10-year yield gained 3.7 basis points to 4.735%.
Treasury Secretary Scott Bessent said Thursday that debt buybacks could ultimately exceed $4 billion, highlighting the government's broader efforts to reduce borrowing costs.
Normally, higher Treasury yields can pressure non-yielding assets such as gold. However, U.S. government debt surpassing $40 trillion has intensified fiscal concerns and strengthened the so-called debasement trade, in which investors seek alternatives to fiat currencies through assets such as gold and cryptocurrencies.
Interactive Brokers senior economist José Torres said Washington could introduce additional measures to ease pressure on longer-term interest rates.
Gold traders will now turn their attention to next week's Jackson Hole Economic Policy Symposium for fresh signals on Federal Reserve interest rate policy and the outlook for U.S. bond yields.
