2026.08.1915:06:30UTC+00Gold Jumps to Over 2-Month High

Gold prices climbed to $4,480 per ounce on Wednesday, the highest level since early June, supported by a rally in long-dated US Treasuries after the Treasury announced it would double its buybacks of notes and bonds in the upcoming fiscal quarter. The department said it will raise its quarterly buyback limit to $4 billion through November, in another effort to rein in soaring long-term yields. The move follows Secretary Bessent’s call for higher limits on the Federal Reserve’s FIMA facility.

Lower borrowing costs reduce the opportunity cost of holding non‑yielding assets such as gold, making the metal more attractive to investors. In addition, the initial boost in dollar liquidity generated by these measures is also supporting gold prices.

Separately, the Federal Reserve is set to release the minutes from its most recent policy meeting. The Fed left interest rates unchanged at that meeting, though three FOMC members dissented in favor of a more hawkish stance.