Gold rose to around $4,580 an ounce on Friday, its highest level since mid-May, extending its weekly advance to around 5%. The move followed renewed concerns about US fiscal sustainability after the Treasury unexpectedly increased planned purchases of longer-dated government debt, pushing bond yields and the dollar lower. The intervention raised questions about Washington’s ability to manage rising borrowing costs and strengthened demand for gold as an alternative store of value. Treasury Secretary Scott Bessent has indicated that further buybacks could follow, while the administration prepares additional measures to address elevated financing costs. Higher oil prices could restrain gold’s advance by keeping inflation pressures elevated and reducing expectations for interest-rate cuts. The US campaign to intensify economic pressure on Iran has also diminished hopes for a quick reopening of the Strait of Hormuz, supporting energy prices.