Weaker Dollar and Japanese Yen Intervention Speculation Drive Gold Prices Higher

The US Dollar is weakening as speculation of an intervention to bolster the Japanese Yen (JPY) weighs on its value. As a result, gold prices are rising, with the XAU/USD pair trading at $4,373.

The Japanese Yen has strengthened across the board, leading to rumors that Japanese authorities may have intervened in the FX market or conducted a rate check. However, no official confirmation of either action has been made.

US Treasury yields remain firm despite weak US jobs data, which showed private-sector hiring was weaker than expected at 38K. New York Fed President John Williams said that US bond yields are not driven by inflation expectations but rather reflect a solid economy.