Investors are less willing to buy US government bonds under the same conditions, which leads to an increase in the profitability of these securities and contributes to the appreciation of gold. Analysts at the World Gold Council (WGC) came to this conclusion, pointing out that concerns about the growing US government debt are increasing demand for the precious metal. Market participants are becoming increasingly sensitive to the price of U.S. Treasury bonds, which leads to higher yields and strengthens gold's position as a relatively stable asset. Since the beginning of the year, its price has increased by 26.3%. «Investors are concerned about the sustainability of the US debt, which now stands at $36.2 trillion, and in such conditions they are increasingly turning to gold. This trend is likely to continue, as the bond market will remain sensitive to the risks associated with America's public debt and fiscal problems,» the WGC notes. According to analysts, in the context of declining demand for Treasury securities from the Fed and foreign government institutions, foreign private investors are beginning to play a key role — the most price-sensitive of this instrument. Although the likelihood of a major crisis remains low, the organization does not rule out a series of small shocks in the event of increased tensions over the ability of the United States to service its national debt. This instability, in turn, will continue to support gold prices in the near future.
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