Gold Prices Soar Above $4,600 as Treasury Intervention and China Buying Escalate

Gold prices have surged above $4,600 as US Treasury intervention and renewed concerns over fiscal credibility combine with a weaker Dollar and China's buying spree to strengthen the case for bullion. The rapid August rally has accelerated sharply, with gold finishing Friday near $4,617 per ounce after reaching a high of $4,631.67.

The recovery from below $4,000 represents a remarkable reversal, with bullion gaining almost 14% during August. The $4,000 area has now emerged as a major support zone, reinforced by the 20-month moving average that helped attract buyers during the recent decline.

The stochastic indicator has also moved into oversold territory following gold's retreat from its early-2026 peak near $5,600. Combined with the recovery above $4,600, the technical picture points toward a possible continuation of the longer-term uptrend.