Gold holds near early-June highs as Treasury yields drop and US dollar softens

Gold prices hovered near their highest levels since early June on Thursday, underpinned by declining US Treasury yields and broader weakness across the US dollar.

Spot gold traded steady at $4,512.19 per troy ounce after touching an intra-day high of $4,525.79. US gold futures for December delivery rose 0.6% to $4,569.80 per ounce. Spot silver gained 0.2% to $67.06 per ounce.

Bullion found momentum after the US Treasury's move to expand long-term bond buybacks pulled down sovereign yields and pressured the dollar index. Traders are also digesting the minutes from the Federal Reserve's July policy meeting, which reaffirmed policymakers' ongoing vigilance over persistent inflationary pressures.

N.Tebrizli