Japan and the United States conducted their first coordinated currency intervention since 2011 on Monday. The joint operation supported the Japanese yen after the currency hit multi-decade lows. Japan's finance ministry targeted excessive volatility and disorderly market movements. Officials warned of potential further coordinated actions with the U.S. Treasury.
The intervention triggered a significant decline in the U.S. dollar. Spot gold prices rose 0.2% to approximately $4,048 per ounce. A weaker dollar increases the appeal of non-yielding bullion for international buyers. Tempered inflation fears also contributed to the rise in gold prices.