Gold Soars Above $4,600 Amid US Debt Concerns and Dollar Weakness

Gold prices surged to $4,620.14 an ounce on Friday, marking its highest level in three months and a significant jump of over 5% for the week.

The rally comes as investors turn towards safe-haven assets due to concerns over U.S. finances, with the country's debt exceeding $40 trillion after Treasury Secretary Scott Bessent's decision to expand buybacks of longer-dated government securities.

The weaker dollar has also added fuel to the gold rally, making dollar-priced bullion cheaper for overseas buyers.

Professional investors are becoming less cautious, with a net 16% of respondents viewing gold as undervalued in Bank of America's latest fund manager survey, up from 6% in July.