Gold Surges to Two-Month High on US Treasury Announcement

Gold prices have surged to a two-month high after a surprise announcement from the U.S. Treasury Department, which has pushed Treasury yields and the dollar lower.

The spot price of gold remained near $4,512 per ounce on Thursday, with some fluctuations around this figure throughout the day.

This increase is largely attributed to the Treasury's decision to double the size of its liquidity-support buyback operations for longer-dated notes and bonds, which has led to a decline in U.S. Treasury yields.

The dollar also remained subdued, making gold cheaper for buyers holding other currencies.