Gold prices rise to $4,700.6 as central banks return to buying

Gold reached its highest level in the last three months, rising to $4,700.6. The U.S. Treasury's increased buybacks of long-term bonds raised concerns about the future value of the dollar. Purchases by central banks and private investors supported the rise in gold. In August, gold prices increased by approximately 16%, while shares of gold mining companies traded in the U.S. gained 32%. UBS Chief Investment Officer Mark Haefele noted that the U.S. Treasury's bond buybacks have heightened long-term financial concerns and strengthened investors' tendency to move away from the dollar. The People's Bank of China added 20 tons to its gold reserves in July, marking the largest monthly increase in three years. Wells Fargo maintained its year-end gold price target in the range of $4,900 to $5,100. However, Goldman Sachs warned that the rise in gold could increase the likelihood of a technical pullback.

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