Gold Surges Past Three-Month High as Dollar Weakens and Bitcoin Hits $81,237

Gold prices have reached a three-month high, climbing towards $4,700 an ounce. This comes as the dollar weakens and Treasury yields fall following the Treasury Department's expansion of bond buybacks last week.

The precious metal has seen significant demand in recent months, with global gold-backed exchange-traded funds recording $3 billion in net inflows in July after two consecutive months of outflows. The World Gold Council notes that investors have returned to gold as prices recovered, ending a four-month losing streak with a roughly 2% gain.

Bitcoin has also seen a surge in price, crossing the $80,000 mark for the first time since mid-May and reaching $81,237 before pulling back. Jake Kennis, senior research analyst at Nansen, attributes this to debasement and fiscal-credibility concerns, with gold and Bitcoin rising together while the dollar weakens.