Treasury Intervention Fuels Gold Rally Amid Dollar Debts

Gold prices have held near a three-month high after surging more than 5% last week, fueled by US Treasury efforts to contain longer-term borrowing costs.

The move has revived concerns over the dollar and the country's fiscal position, boosting demand for gold as an alternative store of value.

The price of gold rose 0.5% to $4,627.69 an ounce at 21:52 ET (01:52 GMT), while silver gained 0.1% to $4,683.85.

Treasury Secretary Scott Bessent indicated that the government could expand its buyback program further and unveil a fiscal initiative aimed at addressing high borrowing costs.