Gold prices held steady at three-week highs on Friday, as the Bank of Japan’s stimulus measures disappointed market expectations and as the Federal Reserve’s decision to leave its monetary policy unchanged continued to support.
Market participants were eyeing the release of second quarter U.S. economic growth data, due later Friday for further indications on the strength of the economy.
"Maybe at this moment, the BOJ's decision is a bit supportive for gold," said Dominic Schnider of UBS Wealth Management in Hong Kong.
"If you ask me which is still the better safe-haven story... It is gold and not yen. At one stage, the BOJ need to do more in order to keep the economy going. That will make yen negative."
Reference: Reuters, Investing
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