Gold prices hold steady as Bank of Canada remains committed to fighting rising inflation
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The BoC’s monetary policy decision was in line with market expectations. At the same time the central bank said that it will continue to tighten its monetary policies as it focuses on cooling inflation pressures. “Given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further. Quantitative tightening is complementing increases in the policy rate. As the effects of tighter monetary policy work through the economy, we will be assessing how much higher interest rates need to go to return inflation to target.
The gold market is not seeing much reaction to the latest central bank decision. Spot gold priced in Canadian dollars last traded at $2,245.14 up 0.34% on the day.
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