Treasury's Buyback Boost Sends Gold and Bitcoin Soaring

The US Treasury's decision to double its liquidity-support buyback program has sent shockwaves through financial markets, sparking a rally in gold and Bitcoin.

The program, which supports long-dated bonds, was increased from $2 billion to at least $4 billion per operation. The change takes effect on September 9 and runs until November 4.

Treasury Secretary Scott Bessent framed the move as a necessary step to 'support greater liquidity where strong sponsorship exists.'

The increase in the program's size sent gold prices soaring by approximately 2.7% to around $4,485 per ounce, while Bitcoin surged more than 5% within 24 hours of the announcement, reaching levels not seen since June.