Gold futures hit fifth straight cycle high on debt and Middle East risk
Gold futures reach their fifth consecutive cycle high, trading tightly as markets weigh U.S. debt concerns after Treasury Secretary Scott Bessent’s bond buyback plan and Strait of Hormuz tensions.
Gold futures reached their fifth consecutive cycle high, trading tightly as markets monitored a mix of fiscal policy and geopolitical risk.
Treasury Secretary Scott Bessent's announcement to double long-term bond buyback operations to at least $4 billion has renewed attention on the $40 trillion U.S. debt, providing underlying support for precious metals.
Tensions in the Strait of Hormuz further contribute to safe-haven demand.
Looking ahead, traders await the release of July PCE inflation data.
The Federal Reserve's preferred inflation gauge will likely influence expectations for a September rate hike, with probability currently hovering near 38%.