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Gold rise despite a stronger U.S. dollar
Gold price rose despite a stronger U.S. dollar. The Bank of Japan's (BoJ) interest rate decision supported gold. The central bank on Friday lowered its interest rate to -0.1% from 0.1%, adding that it could cut its interest rate further if needed. Analysts did not expect this decision.
Market participants also eyed today's U.S. economic data. The U.S. Commerce Department released gross domestic product data on Friday. The U.S. preliminary gross domestic product increased by 0.7% in the fourth quarter, missing expectations for a 0.8% gain, after a 2.0% rise in the third quarter.
The slower rise was mainly driven by a slower rise in consumer spending.
Consumer spending grew 2.2% in the fourth quarter, after a 3.0% increase in the third quarter.
Exports declined 2.5% in fourth quarter as a strong U.S. dollar weighed on exports, while imports increased 1.1%.
In 2015 as whole, the U.S. economy expanded 2.4%, after a 2.4% growth in 2014.
February futures for gold on the COMEX today increased to 1117.40 dollars per ounce.
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