# Gold Prices Surge to $4,620 Treasury buybacks reignite fears of a weakening dollar. - **Source:** [Bitcoin News](https://brifing.si/source/d8aeaf1e-9839-4dad-9d25-7a6bf3fbeef8) - **Published:** 2026-08-24 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/a5b5cc60-f8cb-41ca-bac9-0b90138d97e3 ## Rise in Gold Prices Gold prices surged to $4,620 this week, reaching their highest level since May. The U.S. Treasury's expansion of its bond buyback program reignited fears of a weakening dollar. Spot gold prices traded between $4,580 and $4,600 throughout the week, with futures nearing $4,650. ## Treasury's Bond Buybacks The U.S. Treasury announced on August 19 that it would double its long-term bond buyback operations. This decision came after 30-year Treasury yields spiked to a 19-year high. The buyback plan pulled yields back to 5.198%, but the dollar index fell to 98.723, its lowest level since May. ## Market Reaction and Analyst Comments Saxo Bank commodity strategist Ole Hansen noted that gold is on a strong upward trend, with its move above the 200-day moving average triggering fresh momentum buying. Analysts predict gold could reach $4,770. Some investors believe gold could hit $5,000 if the dollar continues to weaken. ## Bitcoin and Gold Correlation The Treasury's buyback decision also boosted bitcoin prices. Bitcoin gained nearly 20% following the announcement, approaching $78,000. However, some analysts remain cautious, arguing that bitcoin is not viewed in the same category as gold and silver. ## Decline in the Dollar Index The dollar index fell to 98.723 following the Treasury's buyback decision, marking its lowest level since May. ING global markets head Chris Turner and Capital Economics economist Ariane Curtis noted that the decision had a negative impact on the dollar. ## Performance of Gold and Bitcoin Economist Mohamed El-Erian highlighted gold's rise above $4,600 and bitcoin's approach to $79,000 as standout performances in the same trade. However, former Goldman Sachs FX strategist Robin Brooks argued that bitcoin should not be categorized alongside gold and silver. ## Impact of a Weakening Dollar The Treasury's bond buybacks led to a weakening dollar, boosting assets like gold and bitcoin. This shift has prompted investors to turn to non-dollar assets. Analysts predict gold prices could rise further if the dollar continues to weaken. ## The Future of Gold Gold prices continue to rise due to the Treasury's bond buyback decision. The weakening dollar and global economic uncertainties are driving investors to gold as a safe haven. Analysts suggest gold could reach $5,000 if it surpasses the $4,770 resistance level. ## Sources covering this story - https://news.bitcoin.com/featured/gold-hits-4620-as-treasury-buybacks-reignite-the-dollar-debasement-trade/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._