Gold holds steady, up 3.2% for week and set for third gain

Spot gold was little changed at $4,514.23 an ounce as of 0031 GMT on Aug. 21, after reaching its highest level since early June in the previous session, and was up 3.2% for the week. U.S. gold futures steadied at $4,571.20. Bullion was supported by a weaker dollar and U.S. Treasury efforts to hold down longer-term yields, including plans to double buybacks of longer-dated securities to at least $4 billion per operation next quarter. Treasury Secretary Scott Bessent said the government could increase repurchases further. Markets priced a 64% chance that the Federal Reserve would leave rates unchanged in September and a 36% chance of a hike. Stable U.S. labor-market data kept attention on inflation, while higher rates remained a constraint on gold as a non-yielding asset. Bessent also said the United States would impose "the toughest sanctions in history" on Iran. Silver was flat at $68.03 an ounce, platinum rose 1.1% to $1,846.29 and palladium was steady at $1,333.11; all three metals were headed for weekly gains.

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Gold holds steady, up 3.2% for week and set for third gain - CoinPost Terminal