Baghdad: Gold prices rose at settlement on Friday evening, reaching their highest level in more than three months and heading for their third consecutive weekly gain. This rise was supported by a breakout from key technical levels, at a time when the support plan announced by the US Treasury Department, through bond repurchases, negatively impacted the dollar.

According to National Iraqi News Agency, spot gold increased by 1.6% to $4,590.51 an ounce, having earlier reached its highest level since May 15 at $4,604.18. US gold futures experienced a 1.7% rise to $4,647. The precious metal has seen a 5% increase since the beginning of the week, following a rise last Wednesday to its highest daily level since early February.

US Treasury Secretary Scott Bisent announced that the government had expanded its bond repurchase operations, following the department’s plans to double its purchases of long-term bonds. This strategy has played a significant role in influencing the gold market and affecting the dollar’s performance.

In the broader precious metals market, silver saw a 2% rise in spot trading, reaching $69.43 an ounce. Platinum climbed by 3.8% to $1,897.36, and palladium gained 0.6% to $1,342.30.