Gold Prices Soar Above $4,600 on US Treasury Intervention and Chinese Buying

Gold prices have surged above $4,600 as US Treasury intervention and renewed concerns over fiscal credibility strengthen the case for bullion. The rapid August rally has been fueled by a weaker Dollar and increased buying from China.

The break above $4,600 is a significant bullish development, with gold gaining almost 14% in August alone. The $4,000 area has emerged as a major support zone, reinforced by the 20-month moving average that helped attract buyers during the recent decline.

China's long-running appetite for bullion continues to draw attention, with the country reporting its second-largest monthly purchase since early 2025 in June. The sustained accumulation highlights Beijing's strategic interest in strengthening its reserves and potentially reducing reliance on traditional reserve assets.