Gold jumps to $4,530 as US Treasury speeds buybacks
Gold prices are up for the third week in a row, hitting about $4,530 per ounce on Friday morning.
The main reason? The US Treasury decided to buy back more government debt, which pumped extra cash into the market and made both the dollar and bond yields drop.
That's made gold even more popular lately.
Treasury buybacks cut yields then rebounded
The US Treasury announced faster buybacks of expensive government debt to help lower borrowing costs.
While this helped at first, worries about rising national debt brought yields back up later.
Even with gold jumping 11% this month, possible inflation from higher energy prices could still make things tricky for gold going forward.
Precious metals rally, gold above $4,000
It's not just gold: since mid-July, it's stayed above $4,000 per ounce, and other metals like silver and platinum have also climbed.
So overall, precious metals are having a strong moment right now!