In a remarkable turn of events, global gold prices have exceeded $4,600 per ounce, concluding a week of trading that saw the precious metal jump more than $100 to reach $4,602 per ounce. During this trading session, gold even touched a high of $4,630 per ounce, marking the highest level achieved in over three months and signaling three consecutive weeks of gains.

The futures contracts for gold in the US also closed the week on a positive note, priced at $4,680.6 per ounce, reflecting a 2.4% increase. Throughout the past week, gold prices successfully breached significant technical thresholds, overcoming the $4,500 and $4,600 marks. This strong upward trend has been supported by the US Treasury's bond-buying program, which has placed pressure on the US dollar.

Since the beginning of the week, gold prices have risen by over 5%, with the most substantial single-day increase recorded on August 19, the highest since early February. Currently, gold is trading above all key moving averages, having surpassed the 200-day moving average, which stands around $4,513 per ounce. Analysts often view this as a positive signal for gold prices.

Bart Melek, the global commodity strategy head at TD Securities, noted that technical signals play a crucial role in this trend, with the next target potentially being $4,700 if the momentum continues. However, this rally is significantly influenced by the weakening of the US dollar, which is hovering near its lowest point since mid-May. Investors are questioning whether the US Treasury's efforts to stabilize the bond market could inadvertently undermine confidence in the greenback.

Recently, US Treasury Secretary Scott Bessent indicated that the government may continue to expand its bond-buying program, following the announcement of plans to double the scale of purchases for long-term bonds. Goldman Sachs highlighted in a report that demand for gold call options has surged as investors seek hedges against macroeconomic policy risks, creating a mechanical amplification effect on both the upward and downward price movements.

Other metals have also shown positive trends, with silver prices rising by 2.3% to $69.62 per ounce, platinum increasing by 2.8% to $1,878.58 per ounce, and palladium up by 0.8% to $1,344.96 per ounce. On the geopolitical front, peace negotiations between the US and Iran remain stalled, while the US prepares to implement stricter sanctions against Tehran. Consequently, crude oil prices have remained elevated, with Brent crude trading around $93.29 per barrel and WTI crude at approximately $84.34 per barrel.

This situation adds complexity to the Federal Reserve's policy outlook. Additionally, the US stock market closed positively, with the S&P 500 gaining 33.21 points (+0.4%) to reach 7,674.37 points, the Dow Jones increasing by 517.8 points (+1%) to 53,277.01 points, and the Nasdaq Composite rising by 113.29 points (+0.4%) to 26,180.45 points.

Despite fluctuations, global gold prices remain high, and the market continues to react to various economic indicators and geopolitical tensions.