Gold near $4,650 as 15% rally gains steam on lower yields

Gold futures held marginally higher near $4,650 an ounce, while silver climbed to around $69.50, with both metals heading toward an extraordinary monthly advance of roughly 15% and 20%, respectively. The rally gained traction after the US Treasury doubled long-term bond buybacks to $4 billion per session, pushing yields lower and weakening the dollar, while short-covering and speculative buying added momentum. Silver has further benefited from a structural supply deficit and strong industrial demand from solar, EVs, AI data centres and electronics. Lower rate expectations, US debt concerns and safe-haven flows amid Middle East tensions provided additional support. Investors now await Fed Chair Kevin Warsh?s Jackson Hole speech for clues on monetary policy. In India, MCX October gold futures fell 0.5% to around ₹1,58,890 per 10 grams, while September silver futures were flat at ₹2,39,680 per kg.

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