Gold climbed more than 2% on Friday to breach $4,600 an ounce, touching $4,617.63 — its highest since mid-May — after the U.S. Treasury's bond-buyback expansion bolstered appetite for the metal. December futures advanced 2.2% to $4,672.35, putting gold on track for a third consecutive weekly gain of roughly 5%.
The rally accelerated as the dollar index slipped to around 98.84, while breaking key technical levels may propel prices toward $4,700 next, according to TD Securities commodity strategist Bart Melek. The Fed held rates at 3.5%–3.75% at its latest meeting, though three members dissented in favour of a quarter-point increase.
Silver, platinum and palladium all posted gains exceeding 1.3%. Yet the price surge has deterred retail buyers in India, the world's second-largest gold consumer. Bitcoin also rallied past $77,000 as total U.S. government debt surpassed $40 trillion for the first time.