Gold climbed to a 15-week high early Monday, extending a late-summer rally that analysts credit to the U.S. Treasury’s stepped-up buybacks of long-dated government debt, which have weighed on yields and the dollar and revived the debasement-trade case for bullion. The advance follows gold’s earlier break above $4,600 an ounce, a move that lifted Taiwan-listed precious-metals ETFs, including a 4.5% jump in the Yuanta S&P Gold 2x ETF and solid gains in related gold funds, alongside weekly gold-ETF inflows above 28 tonnes. Silver held near two-month highs around $69 an ounce after briefly clearing $70 late last week, though it was little changed Monday. Markets now focus on Wednesday’s July PCE inflation reading and Fed Chair Kevin Warsh’s Friday speech at Jackson Hole; CME FedWatch shows a 73.6% probability of a rate increase by the December meeting, a path that would typically pressure metals. Earlier this year gold peaked near $5,600 and silver at $121 before a sharp pullback, leaving the current rebound supported by fiscal concerns, central-bank demand and targets as high as $4,800–$5,500 from houses such as Goldman Sachs.