Gold prices climbed to $4,662.71 per ounce following the Treasury's announcement that it would purchase at least $14 billion in long-dated T-bills through early November. This intervention effectively lowered the 10-year Treasury yield by 6 basis points to 4.65%, reducing the comparative appeal of government bonds and providing a tailwind for non-yielding assets. While the immediate market reaction was bullish, analysts at Heraeus caution that the durability of these gains depends on whether long-term yields remain suppressed once the buyback program enters full force in September.

Central bank activity is also reflecting a renewed interest in gold exposure. The Bank of Korea recently completed its first gold-related investment in 13 years, purchasing $250 million in SPDR Gold Shares. While this move does not increase the bank's physical holdings, it signals a strategic shift in reserve management. Meanwhile, the silver market is finding relief in India, where imports through the India International Bullion Exchange have resumed after a six-month hiatus. Despite new licensing hurdles that slowed shipments earlier this year, domestic premiums have incentivized traders to navigate the regulatory regime, ensuring supply reaches jewelers ahead of the critical festival and wedding season.