Gold Price Soars Above $4,500 as Treasury Buybacks Boost Yields

The gold price surged above $4,500 an ounce on Wednesday, driven by Treasury-led bond buybacks that pushed yields lower and weakened the US dollar.

Spot gold rose to a high of $4,521.00 in late U.S. trading, clearing several resistance levels in one session instead of grinding through them individually.

The Treasury's move sent the 10-year yield towards 4.6% and the 30-year yield back towards 5.2%, reducing the return on cash-like fixed income and making non-yielding assets like gold easier to justify at a higher price.

Silver also moved up, trading at $66.550 and advancing 5.29% after breaking through resistance levels of $64, $65, and $66.