GOLD PRICE EDGES HIGHER AMID HEAVY USD SELLING IN JAPAN
- Gold price edges higher on rumors Japanese authorities are selling the Dollar to buy the Yen
- The precious metal has weakened amid expectations interest rates will remain higher for longer in the US.
- The US Federal Reserve meeting in May could color the outlook for interest rates, impacting Gold price.
The Gold price (XAU/USD) edges higher on Monday, trading at $2,338 an ounce, on the back of a weaker US Dollar (USD) – the currency in which Gold is mostly quoted and traded in.
The USD depreciates after heavy selling pressure, purportedly although still unconfirmed by the Japanese authorities, who are selling USD to buy the Japanese Yen (JPY) in order to prop up their currency.
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