Gold surged past $4,500 an ounce after the U.S. Treasury announced plans to significantly expand its long-term Treasury bond buyback programme. The move pushed long-term Treasury yields lower and weakened the U.S. dollar, boosting gold’s appeal. The announcement comes as U.S. federal debt has crossed $40 trillion, raising fresh concerns over America’s fiscal position. Market experts say lower long-term yields and potential dollar weakness could remain supportive for gold, while the buybacks may provide liquidity to the long-end of the bond market.

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