Gold Hits 15-Week High on Treasury Debt Buyback Surge

The price of gold has surged to its highest level in 15 weeks, reaching an intraday high of $4,738.50 on Monday morning.

Gold futures rose by more than 1% on Monday, while spot gold increased by about 1.5% to a high of $4,679.

This rally comes after a mostly flat few months, with the precious metal experiencing its third straight week of price increase.

Analysts attribute the recent surge in gold's price to last week's Treasury Department announcement to ramp up buybacks of long-dated government debt, which pushed gold's price upward by about 5% last week.

Saxo Bank analysts noted that the recent price rally has attracted 'fresh technical and momentum-driven demand.'