Gold Shatters $4,600 Barrier as Treasury Intervention Rattles Markets

The precious metal’s momentum accelerated after the Treasury announced it would double buybacks for 10- to 30-year debt to at least $4 billion per operation. While Treasury Secretary Scott Bessent’s intervention aimed to stabilize the bond market, participants interpreted the policy as a signal of systemic fiscal strain, causing the dollar to weaken and gold to rally for the third consecutive week. Spot gold reached a high of $4,632.14 by Friday afternoon, successfully overcoming its 200-day moving average.

Market sentiment has shifted decisively in favor of further gains. In the latest Kitco News Weekly Gold Survey, 73% of Wall Street experts and 78% of retail investors expressed bullish outlooks for the coming week. Analysts suggest that the core driver is no longer just interest rate expectations, but a fundamental lack of confidence in the U.S. fiscal trajectory as public debt nears $40 trillion.

Looking ahead, market focus turns to the upcoming economic calendar, which includes the Core PCE Price Index and second-quarter GDP data. The week concludes with a closely watched speech from Fed Chair Kevin Warsh at Jackson Hole, an event likely to set the tone for September monetary policy. While some analysts warn that technical indicators are becoming stretched, the prevailing consensus remains that gold will continue to benefit from geopolitical hedging and the ongoing search for inflation protection.