Prices of gold futures rose highest to three-week on Friday, on track for a gain of more than one percent in July as incentive measures by the Bank of Japan disappointed market expectations and a decision of the Federal Reserve to leave its monetary policy unchanged continued support.
On the Comex Exchange, gold futures for December delivery were little changed at $1,341.75.
Spot gold was up 0.4 per cent at $1,341.16 an ounce. Bullion has risen 1.2 per cent in July, its second straight monthly gain, and is heading for its first weekly gain in three.
The Bank of Japan expanded monetary stimulus on Friday through a modest increase in purchases of exchange-traded funds, yielding to under government pressure and the financial markets for bolder action to spur growth and expedite inflation to its target of 2 percent.
In coordinating their activities with large package of fiscal spending by the government, the Bank of Japan probably aims to maximize the effect of their actions on the world’s third largest economy, which is struggling to escape decades of deflation.
The JPY rose about 2.14 percent to 102.99 against the dollar, and dollar index, which measures the greenback versus a currency baskets, fell 0.4 percent to 96.316.
At Multi Commodity Exchange, gold for delivery in August was trading Rs 129, or 0.42 per cent higher, at Rs 31,160 per 10 grams in futures trade as speculators widened their bets taking positive cues from the global market.
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