Gold heads for 15-month peak amid dropping greenback
On Friday, gold futures went down heading for their greatest peak since last year’s January amid ongoing greenback’s slump.
June gold futures leapt 1%, trading at $1,278.70, thus marking a fifth day of revenues. Perhaps, it’s going to be the longest winning round since February.
The SPDR Gold Trust was surging 0.6% in premarket trade. Meanwhile, the Market Vectors Gold Miners ETF edged up 1.5%.
The big strengthening in the Japanese yen in the wake of the BOJ’s gathering hurt the evergreen buck. Furthermore, the BOJ’s move also affected the commodity space.
As we already know, On Thursday, the Japanese major bank shocked financial markets throughout the world by simply keeping its monetary policy on hold. A great number of market participants had expected Japan’s major bank to announce further easing steps to fight inflation.
The Japanese yen soared against the greenback after the gathering and kept its pace higher on Friday towards its 18-month peak.