NEW YORK, August 27, 2026, 13:38 (EDT)
- Spot gold increased by 0.4% to $4,609.97 per ounce on Thursday.
- December U.S. futures rose 0.2% to $4,664.40.
- The Treasury plans to increase long-end buyback operations to a minimum of $4 billion, at least doubling the amount.
- Global gold ETFs saw $3 billion in inflows in July.
Gold traded above $4,600 on Thursday, with Treasury bond buybacks fueling interest in dollar-debasement trades. The metal also found backing from a weaker dollar and increased fund buying.
The impact extends past bullion. Gold-backed funds saw slight gains, and mining stocks outpaced gold itself as operating leverage magnified the response to price changes.
Spot gold advanced 0.4% to $4,609.97 per ounce. U.S. December futures increased 0.2%, reaching $4,664.40 Reuters.
The Treasury plans to increase liquidity-support buybacks for 10-to-30-year securities to at least twice the current level. The maximum amount for these operations will grow from $2 billion to a minimum of $4 billion starting September 9 U.S. Treasury.
The policy does not generate dollars in the way quantitative easing does. However, investors interpret it as a move to alleviate long-term funding pressures, potentially weighing on the currency and boosting alternative stores of value.
| Exposure | Price | Move | Volume |
|---|---|---|---|
| Spot gold | $4,609.97/oz | +0.40% | — |
| SPDR Gold Shares (NYSEARCA: GLD) | $422.60 | +0.30% | 5.22M |
| iShares Gold Trust (NYSEARCA: IAU) | $86.62 | +0.29% | 2.27M |
| VanEck Gold Miners ETF (NYSEARCA: GDX) | $103.73 | +1.28% | 8.56M |
| Coeur Mining (NYSE: CDE) | $22.17 | +3.40% | 20.85M |
Fund inflows are supporting the trend. In July, worldwide gold ETFs recorded $3 billion in inflows, increasing assets by 1% to $530 billion and adding 23 tonnes to holdings, which totaled 4,068 tonnes World Gold Council.
Gold surpassed $4,600 last week, reaching a three-month peak. Since then, it has consolidated beneath resistance at about $4,700, maintaining gains from the breakout.
Mining stocks showed a stronger high-beta move. GDX climbed 1.28%, Coeur rose 3.40%, and B2Gold (NYSE American: BTG) added 0.96%.
The advantage for miners depends on certain conditions. An increase in bullion prices may boost margins, but factors such as labor, fuel, royalties and project performance are key to what flows to cash.
The upcoming speech at Jackson Hole on Friday is the next major event. Markets currently price in a 34% probability of a rate hike in September and a 74% likelihood of an increase by December, Reuters reports.
Risks: An uptick in real yields or a firmer dollar would weigh on non-yielding gold. A downturn in ETF demand could speed up declines, and mining stocks carry operational and geopolitical risks.
The investor signal is mixed as a result. Bullion reflects confidence in policy and the steadiness of currency, while miners translate this broader perspective into a more unpredictable earnings play.
Related articles: NYSE:CDE
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