Gold Futures Surge on Weaker Dollar, Treasury Debt Buyback Plans

Gold futures on Bursa Malaysia Derivatives closed higher yesterday, influenced by a weakening US dollar and efforts from the United States Treasury Department to keep long-term yields low.

The spot-month August 2026 contract rose to $4,586.40 per troy ounce from Thursday's price of $4,494.50 per troy ounce.

US Treasury Secretary Scott Bessent indicated he might increase the government's repurchases of Treasuries further.

The Treasury Department had previously announced plans to at least double its debt buybacks over the next few months, focusing on longer-duration segments of the market.