21.08.202600:07:54UTC+00Gold Heads for Third Straight Weekly Gain

Gold traded above $4,500 an ounce on Friday and was on track for a third straight weekly gain, as investors sought safe-haven metals amid heightened volatility in currency and bond markets, while climbing oil prices continued to highlight inflationary risks. The precious metal surged more than 4% on Wednesday after the US Treasury Department announced plans to at least double its long-term debt buybacks in an effort to contain borrowing costs, sending Treasury yields and the dollar sharply lower. Gold held on to those gains even after Treasury yields later reversed Wednesday’s decline, amid concerns that the government’s attempt to curb long-term borrowing costs may offer only a temporary reprieve. At the same time, oil prices extended their advance as the US prepared sweeping new economic sanctions against Iran. Elsewhere, gold continued to find support from strong investment demand and sustained central bank purchases, particularly from China.