Gold climbed above $4,600 as Treasury bond buyback plans sparked dollar selling. New York futures rose 1.4% to $4,636.30 a troy ounce, on track for a weekly gain of 4.5%.

Other metals advanced: silver gained 2% to $69.50 an ounce, platinum rose 3.2% to $1,898.80. Gains follow a bond selloff pushing yields higher, raising debt outlook concerns. The Treasury said it would at least double purchases of longer-dated bonds to lower borrowing costs.

The move eased bond market pressure but triggered dollar selling as investors questioned if intervention signaled deeper fiscal concerns. A weaker dollar makes gold more attractive to non-dollar holders.

"The signal matters: attempts to contain borrowing costs without addressing the underlying fiscal imbalance may fuel concerns about financial repression and currency debasement," said Ole Hansen, head of commodity strategy at Saxo Bank. The debasement trade came under pressure earlier this year as the Iran war pushed energy prices higher.