New Delhi, Aug. 24 -- Investors have long wondered whether Treasury Secretary Scott Bessent would stand with a safety net to catch falling bonds in times of true distress.

They don't have to wonder any longer.

As bond prices dropped, Bessent on Wednesday said that starting on Sept. 9 the Treasury will buy back at least $2 billion more in long-term debt in each operation than previously communicated, through Nov. 4. Markets weren't expecting a buyback announcement-and the impact was felt around Wall Street.

On Friday, one of the ripples of the Bessent move was becoming clear, with the prices of gold and other metals rising. Gold closed the week strong, notching a 2.4% increase on Friday and a total gain of 5.9% since the Treasury's buyb...