Gold Reaches Three-Month High as Dollar Weakness Fuels Safe-Haven Demand
The price of gold surged to $4,620 an ounce on Friday, its highest level in three months. This increase is part of one of the strongest weekly advances this year for gold.
The move comes as a weaker dollar and renewed concerns over U.S. finances have pushed investors toward defensive assets. The U.S. dollar has fallen nearly 1% this week, making dollar-priced bullion cheaper for overseas buyers.
Concerns over federal borrowing have returned after U.S. debt moved above $40 trillion. Treasury Secretary Scott Bessent’s decision to expand buybacks of longer-dated government securities briefly eased bond-market pressure but also reinforced debate over the scale of U.S. financing needs.
The gold price breakout above its 200-day moving average near $4,513 added technical momentum, attracting fresh buying after months of volatility.