Gold traded around $4,600 an ounce on Monday, near its highest level since mid-May, as concerns about US debt management and fiscal sustainability persisted. The Treasury’s unexpected increase in buybacks of longer-dated government debt pushed bond yields and the dollar lower, reviving the debasement trade (buying assets to hedge currency erosion) and supporting gold as an alternative store of value. Treasury Secretary Scott Bessent has signaled that more buybacks may follow and said the administration plans to soon introduce measures targeting borrowing costs, which are at their highest levels in years. Oil prices eased but remained elevated, potentially limiting gold’s gains by fueling inflation and reducing expectations for interest-rate cuts. Markets are awaiting the US announcement on additional sanctions against Iran. Gold has risen about 13% so far this month.