Gold Jumps as Japan Moves to Prop Up Yen Drive Down Greenback
- Metal is set for weekly gain after losses earlier in the week
- Bullion also helped by selling of Treasuries and dollar
This article is for subscribers only.
Gold surged as Japanese authorities intervened to prop up the yen, further driving down the greenback and increasing the appeal of the precious metal.
Bullion surged as much as 1.8% on Friday, the most in more than two weeks, and was on pace for a weekly gain, while the dollar and Treasury yields pushed lower amid expectations that large interest-rate hikes by the Federal Reserve may soon be over.