Gold trading at $4,643.95 per ounce on Monday, a three-month high, after rallying roughly 17% off its July low. December COMEX futures topped $4,700 for the first time in more than three months. This move concludes a 26-week correction that started from January’s record of $5,598, with a peak decline of about 29%. The rally accelerated after US federal debt crossed $40 trillion, Treasury Secretary Scott Bessent doubled debt buyback operations, and the dollar index slipped below 100. Central banks added 289 tonnes of gold in the second quarter, up 62% year over year. Goldman Sachs maintains a year-end target of $4,900.
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