Tether Stacks Gold as Gold Price Surges to Three-Month High
The price of gold has surged to a new three-month high of $4,671.20 per ounce on Friday, driven by an unlikely combination of factors.
US Treasury Secretary Scott Bessent's announcement of a significant expansion in buybacks of long-dated government debt has sparked a sharp response from the market, with gold jumping over 4% on Wednesday and now up 5.4% over seven sessions.
This move is seen as a stopgap measure rather than a durable solution to rising borrowing costs, further fueling skepticism about Washington's ability to manage its own financing costs.
Tether, the stablecoin issuer, has also made headlines by expanding its physical gold reserves by 14 tonnes in Q2 2026, bringing its total hoard to 146 tonnes worth around $18.8 billion at current prices.