Gold leaps to 7-day peak on BOJ action
On Wednesday, gold prices edged up to a more than one-week peak during Europe's trading session, after the BOJ announced new monetary policy measures and traders waited for the outcome of the Fed’s gathering later in the session.
In New York, December delivery gold futures grew 0.31%, trading at $1,322.30 per troy ounce. Earlier it got to $1,326.0, the highest value since September 12.
The BOJ kept rates intact at -0.1% following its latest gathering and officially announced that it would modify its policy monetary framework, thus marking the latest attempt to power inflation.
Currently, attention shifts to the Fed's verdict. The US major financial institution isn’t supposed to take action on interest rates at the conclusion of its two-day policy gathering on Wednesday.
Fed Chair Janet Yellen is going to hold a closely-watched press conference just 30 minutes after the publication of the Fed's statement, as traders look for any hints on a December rate hike.