Investing.com - Gold prices rose on Tuesday after the Bank of
Japan announced plans to ramp up its monetary stimulus programs
On the Comex division of the New York Mercantile Exchange, gold
futures for February delivery were up 0.39% at USD1,693.65 a troy
ounce in U.S. trading on Tuesday, up from a session low of
USD1,686.55 and down from a high of USD1,695.85 a troy ounce.
Gold futures were likely to test support USD1,666.55 a troy ounce,
Thursday's low, and resistance at USD1,696.25, Thursday's high.
The Bank of Japan earlier said it would roll out an open-ended
asset purchasing program to stimulate the economy in 2014 and
double its inflation target to 2%, which allowed gold to post
gains, as stimulus measures should weaken the safe-haven yen.
Gains were muted somewhat as investors were hoping for the Bank of
Japan to begin stimulating the economy sooner.
The Bank of Japan previously pledged to inject JPY101 trillion into
markets with its asset-buying and lending program.
Meanwhile in the U.S., existing home sales fell unexpectedly in
December, industry data showed on Tuesday, which capped the yellow
In a report, the National Association of Realtors said that home
sales fell to 4.94 million units from 4.99 million in November,
whose figure was revised down from 5.04 million.
Analysts had expected existing home sales to rise to 5.10 million
Meanwhile on the Comex, silver for March delivery was up 1.13% and
trading at USD32.293 a troy ounce, while copper for March delivery
was up 0.65% and trading at USD3.703 a pound.
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