Gold hits $4,630 as Bessent's bond fix spooks currency traders

Spot gold touched $4,631.99 this week, its highest since mid-May, in direct response to the Treasury's decision to double long-bond buybacks after 30-year yields hit 5.31%, the highest since 2007. The mechanics are simple: buybacks pull yields down and weaken the dollar, and both moves make non-yielding gold more attractive. Bitcoin rallied alongside it, confirming this is a broader flight from dollar assets rather than a gold-specific move. Gold is already up roughly 65% since the debasement trade took hold in 2025, and this week adds another 5% on top of that base.