Gold Prices Firm Ahead of Third Straight Weekly Gain
Gold prices held steady on Friday, setting up for their third consecutive weekly gain. The metal's value is being buoyed by a weaker US dollar and efforts from the US Treasury Department to control longer-term yields.
The spot price of gold was little changed at $4,514.23 per ounce as of 0031 GMT, after reaching its highest level since early June in the previous session. The metal's prices have increased by 3.2% for the week so far.
US Treasury Secretary Scott Bessent stated that he may further increase the government's repurchases of Treasuries. This comes after the Treasury announced it would double the size of buybacks on longer-dated securities over the next quarter to at least $4 billion per operation.
The US dollar is headed for a weekly loss, making dollar-priced commodities cheaper for holders of other currencies. The Federal Reserve officials expressed caution when asked how the Treasury Department's debt management changes could affect their monetary policy choices.