Yen Falls Faster Than Gold Prices as Tokyo Fights FX Market Despite Interest-Rate Gap
GOLD PRICES fell in all major currencies except the Yen on Monday as the Japanese currency fell once again versus the Dollar despite further FX market intervention by Tokyo, writes Atsuko Whitehouse at BullionVault.
British bond prices rallied and the UK Pound meantime held firm after ex-prime minister Boris Johnson pulled out of the race to lead the UK's ruling Conservative Party, leaving Rishi Sunak – the loser of last month's contest to replace him – as the new resident of Downing Street as Liz Truss quits the post following her disastrous unfunded tax-cutting budget.
The UK gold price in Pounds per ounce slipped back from Monday's Asian opening to trade £10 above Friday's new 11-week low of £1449.
