Treasury Buybacks Fuel Gold Surge Above $4,500

The US Treasury's expansion of its bond-buyback program has driven up gold and silver prices. The spot price of gold moved above $4,500 while the spot price of silver rose above $67. This move was likely due to lower Treasury yields and a weaker US dollar.

However, hawkish Fed signals, inflation risks, and tensions with Iran may continue to make markets volatile. To maintain its bullish momentum, gold must hold above $4,300 while silver needs to remain above $60.

The direction of the 10-year Treasury yield will be crucial in determining the next move in gold and silver prices. A confirmed break above $4,520 would allow gold to target $5,000, but this is not a certainty.