Gold Surges 5% Amid Dollar Weakness and US Debt Concerns

Gold prices closed last week at $4,603 per ounce, marking their third consecutive weekly gain and increasing about 5 percent from the previous week's close of $4,377.

The rise in gold prices was driven by continued weakness in the US dollar and stronger demand for the precious metal as a hedge against economic, financial, and geopolitical risks.

A report by Kuwait-based Dar Al-Sabaek Company noted that developments in US bond markets after the US Treasury Department announced an expansion of its buyback operations for long-term government debt contributed to gold's strong performance.