“Gold has a nice tailwind at the moment with the dollar weak and equity markets teetering to the downside,” Michael Armbruster, principal and co-founder at Altavest, told MarketWatch.
The USD is weakening on Friday after the Bank of Japan surprised markets by keeping its monetary policy on hold Thursday, which sent the Japanese yen rallying.
“The big strengthening in the yen in the wake of the Bank of Japan meeting has hit the dollar, and the dollar has been punished across the board. That has played into the commodity space,” Richard Perry, analyst at Hantec Markets, told MarketWatch.
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