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Gold rises 1% as yen intervention speculation softens the dollar

Gold is up more than 1% with the US 10-year yield holding near 4.79% after weaker US jobs data, while the US Dollar Index slips to 99.6.

Reported · Written up by our desk · Major Pairs

Gold prices climbed more than 1% on Wednesday as speculation about Japanese authorities intervening to support the yen weighed on the US dollar, according to FXStreet. At the time of writing, XAU/USD traded around $4,373.

The outlet noted the yen strengthened across the board, though there was no official confirmation of any intervention or rate check. US Treasury yields were steady near Tuesday’s close of 4.79%, helping keep the focus on dollar softness rather than a sharp move in rates.

FXStreet also linked market sentiment to a fresh geopolitical backdrop, after President Donald Trump said the US is prepared to do another attack on Iran, which coincided with West Texas Intermediate oil edging higher. Despite higher energy prices, yields were described as largely unchanged, with a Beige Book update pointing to modest economic growth and slightly higher employment since early July.

Looking ahead, FXStreet cited a light US data slate and said markets would watch upcoming jobs data, the ISM Services PMI, and Friday’s Nonfarm Payrolls. The report added that gold recently reclaimed the 100-day simple moving average near $4,361, but short term momentum remains bearish based on RSI below 50, with first support cited around $4,300.

Latest closeGold $4,431.70 ▲1.9%

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