Bullion was around $4,530 an ounce and was poised to end this week over 3% up.
The US Treasury’s surprise liquidity injection earlier this week sent yields and the dollar prices lower, boosting bullion.
On Thursday, US Secretary Scott Bessent said he was prepared to expand buybacks of costlier debt and also flagged the administration was soon to unveil a fiscal initiative to address the highest borrowing costs in years.
As yields retraced much of the decline the buyback had prompted later in the week, the move shows concerns regarding soaring government debt.
Bullion’s rally of around 11% this month, so far, could be tempered by the rebound in energy rates which keep inflation risks an rate hike bets on the table.
Gold has held above the key $4,000-an-ounce support threshold since mid-July.Spot gold increased 0.2% to $4,522.90 an ounce at 8.11 am in Singapore, while Silver was up 0.1% at $68.16 an ounce. Palladium and platinum also rose.
With inputs from Bloomberg
