Gold Prices Soar as Record Official Buying Meets Monetary Uncertainty

Gold prices surged on Friday, reaching $4,643.30 per ounce, as investors reacted to a combination of policy-driven tailwinds and strong demand data from official sources.

The recent rally has pushed gold roughly 10 percent higher over the past 30 days, despite remaining below its January peak.

The US Treasury's decision to more than double its bond buybacks contributed to the price increase, with gold reaching $4,530 on Thursday before dipping slightly.

However, beneath the surface lies a structural story of record official buying. The World Gold Council reported second-quarter net central bank purchases of 288.9 tonnes, a 62 percent jump from the same period last year and an all-time high in Q2 demand.