1 month ago
Gold Gains as Dollar Falls After Japan Intervention
Gold, a metal that people buy for investment, went up to about $4,109 per ounce.
It went up because the US dollar fell after Japan helped its own currency, the yen.
The US Federal Reserve decided not to raise interest rates, which also helped gold.
The Treasury Secretary said the yen is very undervalued and that too much price change is bad.
Gold is still above $4,000 even though energy prices are high and there are tensions in the Middle East.
Gold prices rose to $4,109.23/oz, marking a two‑day gain and first monthly rise since February.
The rise was helped by a 1% drop in the US dollar after the Bank of Japan intervened to support the yen.
The US Federal Reserve voted 9‑3 to keep interest rates unchanged, giving further support to gold.
US Treasury Secretary Scott Bessent said the yen is "very undervalued" and "excess volatility" is unhealthy.
Gold remains above $4,000/oz amid higher energy prices and ongoing Middle East tensions.
- Who
- US Treasury Secretary Scott Bessent, Fed Chairman Kevin Warsh, Bank of Japan
- What
- Gold price rise, US dollar decline, Fed rate decision
- Where
- Global markets, Singapore, United States
- When
- Friday trading, Thursday dollar drop, Wednesday Fed vote
- Why
- Japan intervention, Fed rate decision, energy‑price inflation
Key facts
- Gold price
- $4,109.23 per ounce
- US dollar index
- 0.1% rise
- Fed rate decision
- 9‑3 vote to keep rates unchanged
- Bank of Japan intervention
- to support the yen
- Energy price inflation
- high
Quotes
Scott Bessent
US Treasury Secretary
““If inflation continues to be elevated through the forecast period, interest rates could well be part of that solution, but I wouldn’t say it’s in isolation.””
livemint.com
““I believe the Japanese currency is very undervalued” and “excess volatility is not healthy””
livemint.com
Sources
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