New York gold futures closed higher on Thursday after U.S. Treasury Secretary Scott Bessent said the Treasury buyback program could exceed the previously announced $4 billion, fueling investor hopes that long-term real interest rates will decline. COMEX gold futures for December delivery rose $26.10, or 0.57%, to settle at $4,571.40 per ounce. The U.S. Treasury will at least double the maximum size of buybacks for 10- to 20-year and 20- to 30-year bonds, from $2 billion to at least $4 billion, effective from September 9 through November 4. Analysts at Morgan Stanley said gold prices could surge past $5,000 per ounce by 2027 or possibly sooner.
Morgan StanleyMorgan Stanley analysts forecast gold could surpass $5,000 per ounce by 2027, a bullish call on the metal.
