Gold Holds Above $4,600 as Dollar Weakens on Japan FX Intervention

On Friday (May 9), gold prices held steady above $4,600 per ounce, gaining nearly 2% the previous trading day, supported by a sharp U.S. dollar decline following Japan's foreign exchange market intervention.

The geopolitical tensions between the U.S. and Iran over the Strait of Hormuz have intensified energy supply concerns, bolstering market expectations that major central banks may maintain elevated interest rates. Meanwhile, World Gold Council data showed central banks increased gold reserves in the first quarter.