Gold Surges Past $4,630 as Debt Fears and Treasury Moves Drive a Powerful August Rally
Gold pushed above $4,630 an ounce on Thursday as investors returned to what many call the currency‑debasement trade. Concerns over the growing U.S. debt load and recent Treasury actions continue to outweigh the possibility of higher interest rates from the Federal Reserve. In early Asian trading, spot gold rose nearly one percent to $4,630.09, while U.S. futures moved higher to $4,685.50. The metal remains close to the three‑month high reached earlier in the week, extending a rally that delivered more than a five‑percent gain last week. This latest climb comes even as U.S. inflation surprised to the upside, leaving investors focused on Friday’s Jackson Hole appearance by Federal Reserve Chair Kevin Warsh. His remarks are widely viewed as the next major test for gold’s momentum. The rally accelerated earlier in August after the Treasury announced it would double the size of its liquidity‑support buybacks for longer‑dated government bonds beginning September 9. While the program is inten...