Gold stood on track for a third consecutive weekly gain after the US Treasury's unexpected increase in buybacks of long‑dated government debt, heightening worries about the nation's debt burden.

Bullion was trading near $4,530 an ounce, poised to close the week more than 3% higher. The Treasury's surprise liquidity injection on Wednesday pulled yields and the dollar lower, lifting bullion prices.

On Thursday, Treasury Secretary Scott Bessent signaled readiness to broaden buybacks of costlier debt and hinted at an upcoming fiscal initiative aimed at tackling the highest borrowing costs in years.

The rally underscores investors' sensitivity to fiscal policy and the interplay between government debt management, currency movements, and precious‑metal markets.