FX.co ★ Gold Subdued As Dollar Strengthens

Gold prices were moving lower on Friday and the dollar rose as concerns persisted about a global economic slowdown.

Spot gold dipped half a percent to $1,848.33 per ounce, while U.S. gold futures were little changed at $1,850.70.

The dollar rose sharply against the Japanese yen as the Bank of Japan wrapped up a two-day meeting with no major changes to its ultra-low interest rates in contrast to the aggressive tightening of its peers.

BOJ Governor Haruhiko Kuroda said in a press conference that the central bank would stick with its YCC and would not hesitate to ease policy further if needed to achieve the 2 percent inflation target. Attention will be on a speech by Fed Chair Jerome Powell later in the day.

Equities steadied after China's cabinet vowed to act decisively in ramping up support for the ailing economy.

Investors were also reacting to comments by U.S. President Joe Biden that a U.S. recession isn't inevitable and that the country was "in a stronger position than any nation in the world to overcome inflation."