Credit: Phawat/Adobe Stock Gold Holds Gain Driven by Fallout From Surprise BOJ Yield Pivot
Gold often moves in the opposite direction to the dollar as it's priced in the U.S. currency.
December 21, 2022 at 02:50 PM
1 minute read
Gold steadied, after rallying on Tuesday as the Bank of Japan's unexpected yield-curve-control policy rattled markets and weighed on the dollar.
Bullion jumped 1.7% on Tuesday after the BOJ's move, and is trading near the highest since June. The precious metal often moves in the opposite direction to the greenback as it's priced in the U.S. currency.
Traders will look to a slew of U.S. economic data due this week, including the Federal Reserve's favored gauge of inflation, that may shed more light on the rate-hike trajectory. Market moves may be exacerbated by lower liquidity as the holiday season approaches.
Spot gold was little changed at $1,817.80 an ounce in London. The Bloomberg Dollar Spot Index declined 0.1% after falling 0.7% on Tuesday. Silver, platinum and palladium declined.
Jason Scott and Eddie Spence report for Bloomberg News.
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