As the dollar declines due to bond sell-offs, gold prices rise more than 5% for the week.
Due to a decline in the U.S. dollar and a prolonged sell-off in longer-term Treasury notes, gold prices on Friday were near three-month highs and on course for weekly gains of more than 5%. Spot gold increased 2.1% to $4,617.23/oz at 16:01 ET (20:01 GMT), while gold futures increased 2.2% to $4,673.84/oz. The former was up 5.6% while the latter was up 5.4% for the week. The week's major story in bond markets Participants in the precious metal market have been concentrating on the fixed-income sector this week. Prior to Wednesday, there had been a sell-off in longer-term U.S. Treasury bonds in particular since the Federal Reserve's July interest rate decision. This sell-off was caused by worries about inflation brought on by rising oil prices as well as the enormous amount of debt that mega-cap firms were issuing to finance their investments in artificial intelligence infrastructure. On Tuesday, the benchmark 10-year yield reached a new 52-week high of 4.748%, while the 30-yea...