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Gold Futures Recover Following Bank of Japan’s Decision


Gold futures have shown signs of recovery after Thursday’s losses, thanks to a softer U.S. dollar caused by the Bank of Japan’s adjustment to its monetary policy framework.

Price Action

  • Gold for December delivery (GC00, +0.57% GCZ23, +0.55%) saw an increase of $10.30 or 0.5%, reaching $1,955 per ounce on Comex.
  • Silver futures for September delivery (SI00, +0.42% SIU23, +0.42%) experienced a gain of 8 cents or 0.3%, reaching $24.45 per ounce.
  • October platinum (PLV23) rose by $3.40 or 0.4% to $948 per ounce, while palladium for September delivery (PAU23, -0.70%) dropped by $6.10 or 0.5% to $1,230 per ounce.

Market Drivers

Earlier in the week, gold prices were negatively impacted by a stronger U.S. dollar and higher Treasury yields due to the latest interest-rate hikes announced by the Federal Reserve and European Central Bank.

However, on Friday, the yellow metal saw some relief as futures prices rebounded from the $1,940 per ounce level.

Japan’s Monetary Policy Shakes International Bond Markets

Surge in Japanese Government Bond Yields

Dollar Weakens Against Japanese Yen

Implications for Gold and Bond Yields

Crucial Gold Price Closure to Determine Market Absorption

The closure of the gold price this evening is of utmost importance in gauging the market’s complete assimilation of yesterday’s macroeconomic news.

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