Gold Surges Over 3% as Treasury Move Hits Yields

Gold became much more valuable on Wednesday.

Its price rose by more than 3%.

The move happened after the U.S. Treasury announced bigger purchases to support long-term government bonds.

This announcement caused bond yields and the U.S. dollar to fall.

When the dollar falls, gold can become cheaper for people using other currencies.

Investors also watched minutes from the Federal Reserve’s July meeting.

Those minutes showed that some officials wanted higher interest rates if inflation stayed too high.

However, markets still mostly expected the Fed to keep rates unchanged at its September meeting.

Prices of silver, platinum, and palladium also rose.