Gold reached its highest level in more than three months on Monday, after the US Treasury's intervention in the bond market reignited fears of a weakening dollar, prompting investors to seek alternatives to the US currency as a safe haven.
By Monday morning, gold was up 0.85% at $4,645.93 per ounce, having earlier gained more than 1% to touch its highest level since mid-May. The precious metal secured its third consecutive week of gains last week, rising more than 5% after the United States announced an expansion of its debt buyback programme targeting maturities of between 10 and 30 years — a programme that could exceed $4 billion.
The intervention is intended to ease concerns over elevated yields on long-term government bonds, but some analysts are interpreting it as a signal of underlying weakness in the US economy and the dollar. That narrative has supported gold, which gained more than 65% last year.
"I see room for macro funds to rotate quite aggressively into precious metals off the back of this currency debasement narrative," said Justin Lin, analyst at Global X ETF, as quoted by Bloomberg.
The Treasury's intervention may not stop there. Treasury Secretary Scott Bessent has indicated that the administration is expected to unveil a fiscal initiative in the near term to address the elevated financing costs recorded in recent years.
After trading in a relatively narrow range for several months — in a context shaped by persistent inflation concerns — gold has regained momentum in recent weeks and climbed to multi-month highs.
According to Bloomberg, exchange-traded funds with gold exposure added more than 28 tonnes of the metal last week, the largest single-week increase since January, when a sharp rally brought prices close to $5,600 per ounce.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/08/24/mercados/commodities/commodities-commodities/ouro-toca-maximos-de-mais-de-tres-meses-apos-intervencao-dos-eua-no-mercado-das-obrigacoes/
