Spot prices of gold and silver increased on Tuesday after the Bank of Japan surprised investors with a slight monetary policy tweak earlier in the day. The Japanese central bank doubled the range of the 10-year government bond yield it deems acceptable to 50 basis points above and below its 0% target.
Traders worldwide seemingly interpreted the move as a precursor to a stronger shift to a tighter monetary policy by the BoJ, but its Governor Haruhiko Kuroda dismissed the idea in a subsequent press conference.
Gold increased by 1.12% to $1,807.21 per ounce at 7:13 am ET. Silver gained 3.38% to reach $23.73 per ounce at the same time. Platinum advanced 1.94% to $1,001.23 per ounce at 7:14 am ET. Meanwhile, palladium was flat and stood at $1,680.60 per ounce concurrently.
