Gold hits three-month high as Bitcoin rises

• Gold reached $4,696.18 an ounce, its highest level since May 14.
• Bitcoin (CRYPTO:BTC) briefly rose above $80,000 for the first time since mid-May.
• A weaker US dollar and falling Treasury yields supported both assets.

Gold reached $4,696.18 an ounce on August 25, its highest level since May 14.

Bitcoin (CRYPTO:BTC) also rose above $80,000, reaching $81,237 before giving back some gains.

Both markets gained as the US dollar weakened and long-term Treasury yields fell.

Gold rose 3% after the US Treasury expanded its bond buyback programme, according to the World Gold Council.

Gold-backed ETFs recorded $3 billion in net inflows during July after two months of outflows.

The World Gold Council said investors were returning to gold as prices recovered and uncertainty remained elevated.

Nansen analyst Jake Kennis said both assets rising with a weaker dollar could reflect demand for alternative stores of value.

At the time of reporting, Bitcoin price was $79,042.93.