Gold: XAU Advances to Over 3-Month High.

Gold climbed to around $4,580 an ounce on Friday, its highest level since mid-May, and extended weekly gains to around 5%. The rally was supported by renewed concerns over US fiscal sustainability after the Treasury unexpectedly increased its planned purchases of longer-dated government debt, pushing bond yields and the dollar lower. The intervention has raised questions about Washington’s ability to manage rising borrowing costs and reinforced demand for gold as an alternative store of value. Treasury Secretary Scott Bessent has indicated that further buybacks could follow, while the administration is preparing additional measures to address elevated financing costs. Meanwhile, rising oil prices could limit further gains by keeping inflation pressures elevated and reducing expectations for interest-rate cuts. The US campaign to intensify economic pressure on Iran has also weakened hopes for a quick reopening of the Strait of Hormuz, supporting energy prices.