Gold prices increased 1% to over $1,800 as the dollar fell following the Bank of Japan’s unexpected policy change and markets also considered the outlook for the U.S. Federal Reserve’s interest rate policy.
Spot gold increased 1.1% to $1,806.34 per ounce. American gold futures increased by 1% to $1,816.20. Due to concerns about the recession, oil prices fell 1.5% for the week.
Despite the economy teetering on the brink of a potential recession, Fed Chair Jerome Powell said last week that the institution will continue raising interest rates.
Since its peak in March, gold has lost more than $260 as central banks stepped up their efforts to combat rising inflation.