Spot gold rose 2 per cent on Friday to 4,603 dollars and finished the week 5 per cent higher. Bitcoin climbed 22.9 per cent to 78,000 dollars after fund inflows and Treasury buybacks.
Spot gold rose 2 per cent on Friday to 4,603 dollars, its highest since 29 May. The gain for the week came to 5 per cent, a third consecutive higher week. A weaker dollar supported the price.[1]
The US Treasury said it would double the size of its buybacks of longer-dated securities over the coming quarter, spending at least 4 billion dollars per operation, and Scott Bessent said the repurchases could grow further. The move is aimed at holding down long-dated yields, and it supports gold because lower yields reduce the cost of holding an asset that pays no income. The dollar was heading for a weekly decline, which makes dollar-priced commodities cheaper for buyers holding other currencies. On the CME FedWatch tool, investors put a 67 per cent probability on rates staying unchanged next month and 33 per cent on a hike.[1]
Bitcoin climbed 22.9 per cent over the week to the edge of 78,000 dollars. Ethereum gained 29.7 per cent over the week. Total market value rose in 24 hours by 3.1 per cent to 2.71 trillion dollars. WazirX founder Nischal Shetty said improving liquidity expectations outweighed pressure from elevated oil prices and long-dated bond yields, and that reduced expectations of further Federal Reserve tightening, the Treasury buybacks and a weaker dollar supported risk appetite; he counted roughly 1.45 billion dollars of net inflows into crypto exchange-traded funds across four sessions, against about 220 million dollars of outflows in the preceding three. Riya Sehgal, a research analyst at Delta Exchange, said the inflows held prices up even after more than 4 billion dollars of short positions were liquidated, and that on-chain data shows some selling by long-term holders.[2]
