Gold at $4,512.19 hits highest since June, Treasury yields fall
Business
Gold is having a moment: prices just reached their highest level since early June, with spot gold steady at $4,512.19 per ounce and futures for December up 0.6%.
The main reason? US Treasury yields are dropping and the dollar is weaker, making gold more attractive for anyone looking to play it safe.
Plus, the US Treasury Department is stepping up buybacks of long-term bonds, which helped push Treasury yields lower.
Inflation, US $40T debt boost gold
With inflation sticking around and the US national debt topping $40 trillion (yikes), people are getting nervous about where things are headed.
Some folks at the Federal Reserve even hinted they might raise interest rates if inflation doesn't cool off.
All this uncertainty has made gold feel like a safer bet.