Friday, 29 July 2016

Gold Edges Higher On BOJ Stimulus, Set For Monthly Gain

Gold inched higher on Friday, on track for a gain of more than one percent in July, as the dollar extended its losses after the Bank of Japan's stimulus fell short of market expectations. 


The yen rose about 2.14 % at 102.99 against the dollar, and the dollar index, which measures the greenback against a basket of currencies, was down 0.4 % at 96.316.


Spot gold was up 0.4 % at $1,341.16 an ounce at 0430 GMT. Bullion has risen 1.2 % in July, its second straight monthly gain, and is heading for its first weekly gain in three.Spot gold looks neutral in a range of $1,333.99-$1,346 per ounce, and an escape will point a direction, according to Reuters technical analyst Wang Tao. 


U.S. gold was up 0.4 % at $1,337.90 an ounce.U.S. advance GDP data and employment wages figures, both for the second quarter, are due later in the day. 


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