Gold rose to its highest level since the beginning of June. US long-term Treasury yields fell after the US Treasury announced that it would expand the scale of repurchases of longer-term treasury bonds. At one point, the price of gold rose 2.6%, breaking through $4,445 per ounce; at the same time, the yield on US 30-year Treasury bonds fell, and the dollar index declined. The decline in yield favors the interest-free asset gold, while the weakening dollar reduced the purchase costs for many buyers. The US Treasury Department said on Wednesday that it will “at least double the scale of liquidity support repurchase operations” for 10-year to 30-year treasury bonds. At the time of the announcement, global long-term bonds recently fell sharply, and the yield on US 30-year treasury bonds rose to the highest level since 2007 once this week. At 2:12 p.m. London time, spot gold rose 2.6% to $4,446.74 an ounce. Silver rose 2.7%, while platinum and palladium were also higher. The Bloomberg dollar index fell 0.6%.

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