Gold Trades Near One-Month High as BOJ Announces Stimulus

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Gold traded near the highest price in a month in New York as investors weighed planned stimulus by the Bank of Japan against higher import duties in India.

The BOJ said today it will buy about 13 trillion yen ($146 billion) in assets per month from January 2014 and set a 2 percent inflation target. Investors expected bolder action now, said Greg Gibbs, a senior currency strategist at Royal Bank of Scotland Group Plc. India raised taxes on gold imports yesterday to reduce a record current-account deficit and moderate demand.

“This is seen as mildly bullish for gold, but has been mooted for a while and is fairly discounted,” David Govett, head of precious metals at Marex Spectron Group in London, wrote in a report, referring to the BOJ stimulus. “India has been a big buyer of gold in the past month, ahead of this announcement, and I doubt it will affect the market in a big way,” he said, referring to the increase in duty.

Bloomberg.com / By Nicholas Larkin & Glenys Sim / Jan 22, 2013

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