Gold prices jumped 1% to above the key $1,800 level on Tuesday as the dollar dropped to session lows after the Bank of Japan’s surprise policy tweak, while markets also weighed the outlook for the U.S. Federal Reserve’s interest rate strategy.
Lifting bullion’s appeal among overseas investors, the dollar index .DXY eased on the day, as the yen soared after the Bank of Japan decided to review its yield curve control policy.
Spot gold is being given another chance to shine thanks to the U.S. dollar’s pullback, said Han Tan, chief market analyst at Exinity, adding, “the next leg down for the dollar should send spot gold onto a new cycle high past $1,824.50.”
KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focussed on gold and copper deposits, primarily in the highly prospective Arabian-Nubian Shield.
