Gold Prices Steady Amid Weaker Dollar, Treasury Intervention
Gold prices held steady on Friday but were poised for a third consecutive weekly gain. The metal has been buoyed by a weaker US dollar and efforts from the US Treasury Department to keep longer-term yields in check.
The spot gold price was little changed at $4,514.23 per ounce as of 0031 GMT, after hitting its highest level since early June on Thursday. US gold futures also steadied at $4,571.20.
Uptrend continues: Gold is up 3.2% for the week, and the dollar's weakness has made it cheaper for holders of other currencies to buy dollar-priced commodities.
The Treasury Department announced on Wednesday that it would double its repurchases of longer-dated securities over the next quarter to at least $4 billion per operation. This move is aimed at holding down yields and could impact monetary policy decisions by the Federal Reserve.