Gold Hits Three-Month High as Bitcoin Tests $80,000
Gold rose to a three-month high as the U.S. dollar weakened and Treasury yields fell, extending its August rally. Spot gold briefly reached $4,696.18 an ounce, while bitcoin also surged above $80,000 before easing. The moves followed the Treasury Department’s expanded bond buybacks, which helped push long-term yields lower and supported demand for hard assets. Investor interest in gold had already been recovering: global gold-backed ETFs saw $3 billion in July inflows, ending two months of outflows, with holdings and assets under management both rising. The World Gold Council said softer economic data and reduced expectations for a September Fed hike also helped gold, while geopolitical and fiscal uncertainty added to demand. Gold and bitcoin have both benefited from the weaker dollar, though they remain different types of hedges: gold as a traditional safe haven, bitcoin as an alternative to government currencies.
