Gold Surges to 10-Week High Amid Treasury Intervention

Gold prices surged to a 10-week high on Wednesday, reaching $4,486.88 per ounce after gaining 3.5% in U.S. cash markets.

The VanEck Gold Miners ETF rose nearly three times as much as the spot gold price, increasing by 9.09%, while SPDR Gold Shares gained 3.18%

This significant gain can be attributed to a Treasury-market intervention that sent long-term yields and the dollar lower.

Robert Gottlieb, who previously led precious metals at Koch Supply and Trading, described the action as bullish, noting that a drop in long-term yields might put pressure on the dollar.