Gold climbed to a three-month high above $4,600 and was heading for a nearly 5% weekly gain, extending a rally supported by debt concerns, a weaker U.S. dollar, Treasury-market volatility, geopolitical uncertainty and expectations for earlier Federal Reserve rate cuts. Gold futures rose 1.67% to $4,647.70 in early trading, while spot prices gained 1.55% to $4,588.08, leaving futures up 4.7% over five days. The rebound followed gold’s retreat from record highs near $5,600 earlier in the year and its worst quarterly performance since 2013 in the three months through June. The Treasury’s plan to at least double liquidity-support buybacks for 10- to 30-year government debt initially pushed yields and the dollar lower, while U.S. government debt exceeded $40 trillion. Central-bank demand also remains strong: 89% of World Gold Council survey respondents expect global official gold reserves to increase over the next year, 45% expect their own holdings to rise and 1% expect them to decline. Analysts see structural support from debt, reserve diversification and annual consumption near 5,000 metric tons against supply growth of little more than 1.5%, but warn that higher oil prices, inflation, Treasury yields and a strong U.S. economy could delay rate cuts and trigger a near-term pullback.