Gold prices are rising despite elevated U.S. long-term interest rates, which markets now interpret as a sign of fiscal distress rather than strong economic growth. The 30-year Treasury yield has topped 5.3%, its highest since 2007, yet spot gold traded near $4,536.7 per ounce and futures reached $4,600 intraday. UBS extended its 2027 forecast and set an end-September target of $5,400 per ounce. Morgan Stanley sees gold exceeding $5,000 by 2027. Analysts highlight support from central bank gold purchases, Treasury buyback programs, dollar weakness and geopolitical tensions. Gold-mining equities have shown outsized gains due to leverage.