Gold Surpasses JPMorgan Forecast, Reaches $4,485 per Ounce

Gold prices have surpassed JPMorgan's forecast of $4,500 per ounce, reaching $4,485 as of this writing. The precious metal rallied after the U.S. Treasury announced it would double its buyback operations for long-term government bonds.

The decision to increase bond buybacks was made in response to a sharp sell-off in government bonds that pushed yields on 30-year notes to 5.337%, the highest level since 2007.

Analysts point to several factors driving gold's growth, including a dovish Fed stance, continued dollar weakness, and increased geopolitical risks.