Gold prices rose on Friday's trading session after hitting 10-day high in the previous session. The spectacular plunge in prices this month triggered bargain-hunting and a surge in physical demand across Asia.
- Gold gained 1.09 percent or 15.90 points to trade at $ 1,473.49 an ounce
The Bank of Japan maintained its unprecedented plan to boost money supply at a policy meeting on Friday, yet the BOJ pledged to enlarge its monetary base. Gold rallied as the money printing by central banks will provoke a purchase of the precious metal as a hedge against inflation.
The BOJ’s decision came hours after data showed Japanese consumer prices fell more-than-estimated in March to the most in two years.
Other precious metals:
- Silver rose 1.07% to trade around $ 24.33
- Platinum edged higher by 0.44% to $ 1,469.20
- Palladium inched 0.23% down to $ 680.35
The yellow metal is waiting for key data from the U.S. which may show the U.S. economy expanded at a faster pace in the first quarter. Growth probably quickened to a 3 percent annual rate from 0.4 percent in the final three months of 2012.
As of (09:42 GMT+3), the dollar index fell to hover around 82.72 after opening at 83.90; USDIX hit a high of 82.90 and a low of 82.61.
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Gold Rises Ahead Of U.S GDP Report, BOJ Commits To Stimulus
Published 04/26/2013, 05:46 AM
Updated 07/09/2023, 06:31 AM
Gold Rises Ahead Of U.S GDP Report, BOJ Commits To Stimulus
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