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This came as the dollar weakened after the Bank of Japan (BoJ) made a surprise policy change to its bond yield control program
Gold prices jumped on Wednesday after rising more than 1% in the previous session, as the dollar weakened after the Bank of Japan (BoJ) unexpectedly adjusted policy.
Spot gold was at $1,816.94 an ounce in early trade.
In the UAE, 24-carat gold prices rose by Dh1 to Dh219.75 a gram on Wednesday morning, compared with last night’s close of Dh218.75 a gram.
Among other variants of the yellow metal, 22K opened at Dh203.5 per gram, 21K at Dh197.0 and 18K at Dh169.0.
The yen jumped to a four-month high after the Bank of Japan unexpectedly tweaked its bond yield control program, while the dollar index was flat after falling on Tuesday. A weaker dollar makes gold more attractive among overseas investors.
According to dailyFX contributor Daniel Dubrovsky, gold and silver prices have been cautiously targeting higher levels in recent weeks.
“We can see that at the same time, retail traders have been gradually increasing their downside exposure to precious metals,” he said.
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