Commodities
Gold Soars to 12-Week High on Unexpected Treasury Bond Buyback
Gold prices surged to their highest level since late May after the US Treasury Department announced an unexpected bond buyback, giving metals a jolt of life according to TD Securities.
The announcement caused the yield on the 30-year Treasury bond to climb to its highest level in nearly two decades, leading to a sharp sell-off in the USD and allowing Gold to break out of its range and climb above $4,500 for the first time since early June.
US President Donald Trump's statement that his administration will launch an unprecedented economic operation against Iran also contributed to Gold's rally, causing investors to adopt a cautious stance and capping XAU/USD's upside.