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Gold prices buoyed by weaker dollar vs yen

Gold prices crept higher early on Tuesday, supported by the dollar’s slight fall against the yen ahead of a monetary policy decision from the Bank of Japan.

Spot gold was up 0.1 percent at $1,222.28 an ounce at 0041 GMT. U.S. gold futures were about 0.1 percent higher at $1,222.10 an ounce.

The yen strengthened slightly against the dollar on Tuesday as investors awaited the outcome later in the day of a much-anticipated Bank of Japan monetary policy meeting.

The greenback was down 0.1 percent at 110.93 yen.

The Bank of Japan is expected to trim its inflation forecasts on Tuesday and consider changes to its massive stimulus program to make it more sustainable, reflecting a growing recognition it will take longer than expected to meet its elusive price goal.

Japan’s jobless rate rose in June while the availability of jobs improved to the highest in more than four decades, figures from the Internal Affairs ministry showed on Tuesday.

Asian markets weakened on Tuesday, taking cues from the rout in global technology shares.

Euro zone economic sentiment edged lower in July, pulled down by less optimism in industry and the retail sectors, despite a better mood in services, a monthly survey by the European Commission showed on Monday.

China offered Britain talks on a post-Brexit free trade deal on Monday, reaching out to London as Beijing remains mired in an increasingly bitter trade war with Washington, even as a senior Chinese diplomat reiterated its door remained open for dialogue.

U.S. President Donald Trump said on Monday he would be willing to meet Iran’s leader without preconditions to discuss how to improve ties after he pulled the United States out of the 2015 Iran nuclear deal, saying, “If they want to meet, we’ll meet.”

Brazil’s geological service is studying auctioning off mining rights in 2019 to six previously unexplored areas that may have significant deposits of copper, gold, phosphate and other minerals, the head of the organisation told Reuters on Monday.

Source: Reuters

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