Gold Surges to $4,495 as US Bond Yields Plummet

Gold prices have surged to their highest level since June 4, reaching $4,495. The precious metal has gained over 3.70% in a single day, driven by falling US bond yields and a weakening Dollar.

The US Treasury's buyback of long-dated bonds is behind the decline in yields, with the 30-year yield dropping to 5.20% and the 10-year benchmark note yield falling to 4.66%. According to sources, this move may be an attempt by the administration to artificially keep long-term rates contained.

The Dollar's weakness has also contributed to Gold's rally, with the US Dollar Index down 0.80% at 98.85. With the Federal Reserve expected to unveil its last meeting minutes and Initial Jobless Claims data due this week, investors will be closely watching market developments.