Gold Prices Near Two-Month High on US Treasury Liquidity Support
Gold prices hovered near their highest level in over two months on Thursday after the US Treasury's surprise liquidity support announcement pushed bond yields and the dollar lower.
The spot price of gold remained relatively unchanged at $4,512.19 per ounce as of 0031 GMT, having hit a high of $4,525.79 earlier in the day - its highest level since June 2.
US gold futures for December delivery rose 0.6% to $4,569.80, while yields on long-dated US Treasuries fell following the Treasury Department's announcement to double the size of liquidity support buyback operations for longer-dated notes and bonds.
The US dollar remained subdued, making greenback-priced metals less expensive for buyers holding other currencies. This development is expected to boost gold demand as investors seek safe-haven assets amidst economic uncertainty.