Gold Surges Past $4600 Amid US Debt Worries as Wall Street Turns Fully Bullish

Gold prices posted a third straight weekly gain, breaking above $4600 per ounce on concerns over US debt sustainability, a weaker dollar and the Treasury’s move to double long-dated bond buybacks to at least $4 billion each. The metal opened the week at $4381.12, fell to a low of $4324.49, then rallied after the announcement as total public debt neared $40 trillion and finished at $4632.14.