Gold rises in price, but still can not break the level of $ 1700 per ounce

GOLD RISES IN PRICE, BUT STILL CAN NOT BREAK THE LEVEL OF $ 1700 PER OUNCE

Gold rises in price, reaching a historic high in yen, the Bank of Japan after promising to take active measures to stimulate the economy.

Gold rises in price, reaching a historic high in yen, the Bank of Japan after promising to take active measures to stimulate the economy.

Today, gold traded at $ 1,691.30 a troy ounce from $ 1 689.55 at the close of business on Monday, and U.S. futures rose $ 4.00 to $ 1.691 per ounce.

Futures in yen rose to a record 4.913 yen per ounce. The Bank of Japan on Tuesday doubled the inflation target of 2% and promised unlimited purchase of assets.

"We have seen sales immediately after the news from the central bank, when the yen weakened, but since then the yen rose, traders refrained from further sales," - said a trader in Tokyo.

Despite this, and a seasonal increase in demand in the physical market, gold is not yet possible to overcome the resistance at $ 1700 per ounce.

Recall that in March last year, an ounce of gold fell to $ 100 in just one day.