Gold Price Today: Gold nears 3-month high in international markets; all eyes on the Fed's next move ahead of Jackson Hole..
Gold Price Today: Gold prices in the international market are trading near three-month highs. Traders are assessing the US Treasury's next moves in the bond market following an unexpected intervention that reignited concerns regarding fiscal policy.
COMEX gold saw a significant gain of 1% (or $46.90), rising from a previous close of $4,710.10 to $4,744.70. Meanwhile, COMEX silver rose 1.26% (or $0.861) to reach $69.455, up from a previous close of $68.96.
Bullion prices have climbed toward $4,680 per ounce—marking a gain of over 7% across four consecutive sessions—after the Treasury increased buybacks of long-term government debt.
This unexpected move has heightened concerns about rising borrowing costs and exerted pressure on the dollar, making gold (which is priced in dollars) cheaper for many buyers.
Treasury Secretary Scott Bessent has signaled a readiness to further increase buybacks of expensive debt, although he offered no additional indications on Monday.
According to a Bloomberg report, investors expect Kevin Warsh to clarify his views on how the Federal Reserve should respond to persistent inflation during the annual Jackson Hole conference on Friday.
Recent measures to manage US borrowing costs have revived concerns regarding inflation and dollar weakness. This signals a return of the "currency debasement narrative" that contributed to the massive rally in gold prices in 2025. This remarkable recovery in gold has pushed the metal above the significant 200-day moving average, a level often regarded as a bullish technical indicator.
Rising global trade tensions are also challenging the metal's status as a 'safe-haven' asset. As part of a strategy to isolate Iran, the US has threatened economic action against any country trading with it. Furthermore, the world's largest economy is heading towards a trade conflict with Canada following the breakdown of negotiations last week.
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