Gold Jumps as Suspected Yen Intervention Hits Dollar, Fed Bets Ease
Gold surged 0.92% on Thursday, with XAU/USD trading at $4,100 after a suspected intervention in currency markets sent the Japanese yen to a near two-month high against the dollar.
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The precious metal rallied as the U.S. dollar fell sharply against the yen, which touched its strongest level in almost two months following what traders suspect was official Japanese intervention.
The move came alongside easing expectations for further Federal Reserve rate hikes, providing additional support for non-yielding assets like gold.
XAU/USD bounced from the session low to settle around $4,100, reflecting renewed demand for the safe-haven amid a volatile FX backdrop.
Source: FXStreet Forex News