Gold Clears $4,600 as Treasury Buybacks Ease Conditions Without Fed Help

Spot gold hit $4,601.29 on August 21, 2026, topping HSBC's July forecast of $4,560 — itself cut from $4,864 on a hawkish Fed tilt. The driver: the Treasury doubled long-dated bond buybacks to $4 billion per operation on August 19, easing conditions without any Fed pivot. The 30-year yield fell toward 5.2% from 5.34%.