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The Bank of Japan Keeps Interest Rates and All Monetary Policies Unchanged / Strong Resistance for Gold at the USD 1,800 Mark

 

The Bank of Japan Keeps Interest Rates and All Monetary Policies Unchanged

After the interest rate meeting, the Bank of Japan announced that it will maintain interest rates and all monetary policies unchanged, and maintain the 10-year Treasury bond yield at 0%, which is in line with market expectations. The statement after the meeting pointed out that due to the continuous impact of the new crown epidemic on consumption, the current economic risk balance is biased downwards, but prices and economic prospects are still highly uncertain. And reiterated that if necessary, it will take additional easing measures without hesitation. In addition, the central bank has also raised its economic growth forecast for this year and next to 4% and 2.4% respectively.

Strong Resistance for Gold at the USD 1,800 Mark

The price of gold broke through the decline of the key support line in the short-term and failed to attract gold buyers to enter the market again. It is currently under pressure and it is difficult to break through the US$1,800 mark. Whereas the Republican Party of the United States pointed out that a bipartisan group of members of the U.S. Congress is drafting a $2.25 trillion infrastructure construction plan to replace Biden, which has halved the scale of U.S. President Biden's infrastructure construction plan. Coupled with the renewed global epidemic and suspicion of vaccination, market sentiment is gradually weakening. The Fed’s monetary policy meeting led the new risk drive, but before this, the wait-and-see atmosphere was still strong. As of 08:05 Hong Kong time before, the price of gold fell 0.09% to US$1774.20.


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