Treasury Buybacks Send Dollar Reeling, Gold Prices Soar

The US Treasury announced plans to at least double buybacks of long-term debt in an effort to tame high yields. The move, which is a departure from traditional approaches, aims to influence the yield curve and support market stability.

The increased buyback plan was triggered by rising 30-year yields reaching their highest level since 2007. This has led to a significant weakening of the US dollar against other major currencies, including the Swiss franc.

The Treasury's decision has also had a ripple effect on global markets, causing gold prices to surge as investors sought safe-haven assets. The price of gold rose by over 4% in a single day, its largest gain since June. Other hard assets such as copper and Brent crude oil also saw gains.