Gold moves higher as the dollar falls on the news of a BOJ policy revision
The Bank of Japan's surprise decision that they would raise their benchmark interest rate cap from 0.25% to 0.50% sent ripples through the global financial markets. Since 2016 the Japanese Central Bank has set its target range for the yield of 10-year Japanese government bonds near zero, with a cap of 0.25%. As other major central banks began to enact interest rate hikes this year the BOJ maintained their cap on its benchmark rate near zero.
The move by the BOJ astounded financial markets globally. The value of the Japanese yen rose dramatically to a four-month high against the U.S. dollar which in turn resulted in strong gains across-the-board in the precious metals. Gold gained approximately 1.7%, silver gained 5.22%, palladium gained 3.79%, and platinum gained 2.53%.
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