Gold prices continued their upward trajectory on August 24, with COMEX gold climbing during intraday trading to breach the 4,700-point mark, ultimately settling at $4,710.0 per ounce, a gain of 0.63%. Meanwhile, SHFE gold on the domestic night session opened higher but pared gains, closing at 1,005.96 yuan per gram, up 0.61%.
On the macroeconomic front, as long-term US Treasury yields moved higher again, Treasury Secretary Bessent announced that the next bond repurchase operation would be executed on September 9, while hinting that further such operations would continue. According to reports, senior officials at the US Treasury are considering deploying nearly $1 trillion from the Treasury General Account (TGA) to fund the recently expanded bond buyback program. This development led to a modest pullback in Treasury yields, providing some support for gold prices.
In geopolitical developments, Treasury Secretary Bessent unveiled multiple economic sanctions targeting Iran, signaling that the stalemate in US-Iran negotiations is unlikely to be resolved anytime soon. Additionally, following the collapse of US-Canada trade talks, tensions have escalated sharply, with former President Trump announcing that tariffs on Canadian automobiles, parts, and steel would rise to 50% starting next year.
The Treasury's expansion of long-duration bond repurchases, while suppressing long-end yields, has also ignited deeper market concerns about the dilution of dollar credit. This suggests that gold's pricing anchor is shifting from "real interest rates" to "dollar credit hedging." Central bank gold purchases and the global de-dollarization trend continue to underpin gold prices, which may maintain a relatively strong trajectory.
However, short-term volatility should be monitored closely. On August 28, Federal Reserve Chair Warsh is scheduled to deliver his first keynote address at the Jackson Hole symposium. If he signals a clear anti-inflation stance, it could trigger a repricing of September rate hike expectations. Additionally, investors should remain alert to any sudden escalation in the US-Iran situation as the negotiation window approaches its deadline.