Gold Prices Soar on US Treasury Bond Buybacks and Central Bank Accumulation

The price of gold has surged to a new high after the US Treasury's announcement of expanded buybacks of long-dated government bonds.

Spot gold broke through the $4,600 mark on Friday and reached $4,631.99 before settling at $4,661.60, a 1.9 percent gain for the day.

The central banks are also accumulating gold at a record pace, with South Korea's Bank of Korea disclosing it now holds 104.4 tonnes of gold, representing 1.1 percent of its foreign-exchange reserves and worth roughly $4.79 billion.

Analysts see room to run for the price of gold, with forecasts ranging from $4,900 to $5,600 per ounce by end-2027.