According to CoinMeta, concerns about fiscal credibility have driven the gold price back up to $4,600 per ounce in Asian trading, a significant rebound from the July low of around $4,000. Analysts at ING point out that the rise in gold is closely linked to growing concerns about the U.S. fiscal outlook, particularly the prospect of the U.S. Treasury Department expanding its bond purchasing program, which has reignited market attention to the government's borrowing scale and long-term fiscal credibility. This development has also rekindled fears of currency devaluation, further enhancing gold's traditional appeal as a store of value.