Gold Climbs 3.6% for Third Weekly Gain as Dollar Weakens and Treasury Expands Buybacks
Updated
Updated · CNBC · Aug 21
Gold Climbs 3.6% for Third Weekly Gain as Dollar Weakens and Treasury Expands Buybacks
3 articles · Updated · CNBC · Aug 21
Summary
$4,540.18 spot gold rose 0.5% on Friday, leaving bullion up 3.6% for the week and on course for a third straight weekly gain.
A weaker dollar and lower-yield backdrop lifted precious metals after the U.S. Treasury doubled longer-dated buybacks to at least $4 billion per operation and signaled more repurchases could come.
Fed policy remains the key constraint: traders now see a 64% chance of no rate change next month and a 36% chance of a hike, after jobless claims fell and officials stayed cautious on debt-management effects.
Other metals also advanced, with silver up 1.3% to $68.92, platinum rising 2.4% to $1,872.64 and palladium gaining 1.3% to $1,351.28, all headed for weekly gains.