Gold traded near a three-month high after the US Treasury’s bold intervention in the bond market revived concerns about a weaker dollar and pushed investors toward alternatives. Bullion climbed as much as 0.5% to above $4,620 an ounce in early trading, building on a third weekly gain. The metal powered more than 5% higher last week after the Treasury announced a surprise ramp-up in buybacks of long-dated government debt, driving yields and the dollar lower.

Gold’s strength reflects renewed demand for hard assets amid fears of currency debasement, with investors turning to bullion as a hedge against inflation and monetary instability. The rally underscores shifting market sentiment as traditional safe havens regain appeal amid volatile fiscal policy moves.