On Thursday, gold managed to extend its gains, crossing the $1,300-level, after the US major bank held steady, while markets noted that the Bank of Japan is reluctant to change its monetary policy.
In New York, August delivery gold futures grew 1.21%, trading at $1,303.90 per troy ounce. July delivery silver futures went up 1.38%, trading at $17.745 a troy ounce. At the same time, July delivery copper futures sagged 0.33%, being worth $2.083 per pound.
As previously expected, Japan’s major bank voted to keep its monetary base intact, accounting for ¥80 trillion annually. Furthermore, it left its negative rate unchanged, at -0.1% and it indicated that inflation expectations have descended.
On Wednesday, afternoon, the Federal Open Market left its target range of the Federal Funds Rate intact, so it keep fluctuating between 0.25% and 0.50%. By the way, the FOMC voted 10-0 to back up its current monetary policy.