Gold Tops $4500, Silver Breaks $66 on Treasury Buyback Yield Drop

Spot gold climbed to $4521 per ounce, gaining 4.33%, while silver reached $66.55, up 5.29%. The rally followed the Treasury’s stepped-up long-bond buybacks that lowered yields and weakened the dollar, even as Fed minutes highlighted inflation worries. U.S. equities closed higher with the Dow rising 0.16% to 53430.21 and the S&P 500 adding 0.16% to 7704.32. The 10-year Treasury yield fell toward 4.6% and the 30-year toward 5.2%. Fed minutes revealed a 9-3 vote to keep the funds rate at 3.50-3.75%. Gold cleared $4448 resistance and hit a session high of $4523.10; silver broke above $66.80. Next upside targets stand at $4630-4650 for gold and $71.77 for silver. Brent crude held near $91 and WTI near $85.