Gold resumed its rise for a fifth straight session on Friday, climbing to a seven-week high, as the dollar remained weak after the BOJ’s decision and as most Asian shares ended lower.
The precious metal hit a high of $1280.71 an ounce, while currently trading around $1275.30 from the opening at $1266.11.
The dollar plunged sharply versus the yen on Thursday after the BOJ defied analysts’ forecasts by holding its stimulus and deposit rate.
The USDJPY pair resumed its drop for a second consecutive session to hit an 18-month low of 106.89 from the opening at 108.07.
The dollar index, which tracks the green currency’s movements versus a basket of major currencies, dropped for a fifth straight sessions to hover around 93.40.
The green currency slipped on Wednesday after the Federal Reserve refrained from hiking its interest rates, where the U.S. GDP data moved in line with the Fed’s cautious regarding raising interest rates.
The U.S. economy expanded at the slowest pace in two years during the first quarter, as the advanced GDP reading recorded 0.5 percent from a revised of 1.4 percent.
Late in the day, the U.S. will release personal spending, Chicago PMI and revised consumer sentiment data.
Asian shares were mostly lower as the BOJ’s inaction and worries about global growth weighed on investors’ risk appetite.
Sliver climbed to a 15-month high of $17.86, extending its gains for a fifth straight session.
So far, gold has gained more than 3 percent this week, set for its biggest weekly gain since February 12.
