Aug 20, 2026 – 4.00pmAustralian investors who rushed to buy the dip in the gold price have been vindicated after the US Treasury unexpectedly announced it was ramping up buybacks of government debt, unleashing an explosive rally in bullion and miners of the precious metal.The US Treasury Department said it planned to at least double the size of buyback operations for longer-dated bonds after concerns about the Iran war and deteriorating US fiscal conditions this week triggered a meltdown in the bond market that rocketed the 30-year yield to its highest level since 2007.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles