Gold prices surge to two-month high as dollar weakens
Gold jumped over 3% on Wednesday to its highest level in more than two months, buoyed by a weaker dollar and lower US Treasury yields.
Key Takeaways
AIGold surged more than 3% on Wednesday to its highest level in over two and a half months, supported by a weaker US dollar and declining Treasury yields after the US Treasury Department announced increased repurchase operations to boost liquidity in the long-term bond market.
Spot gold rose 3.6% to $4,487.91 per ounce after reaching its highest since June 4 at $4,499.20. US gold futures settled 2.8% higher at $4,545.30 per ounce.
In late trading, spot gold extended its gains by nearly 4% to $4,504.59 per ounce.
Among other precious metals, silver climbed about 4% to $65.80 per ounce, platinum gained 5.1% to $1,800.02, and palladium rose 2.7% to $1,325.12.