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Bank of Japan rate and stimulus decision due in just a few hours. Ahead of Fridays BoJ decision gold is up just about $5 at 1346.05 bit unable to touch its high on Thursday.
Bank of Japan meeting that began Thursday and ends Friday. It is expected the BOJ will announce some sort of a new monetary policy stimulus package.
Oil Prices Continue To Bottom Out
There are several other factors that could push oil back down to $35 per barrel or lower. They include a return of production from Libya or Nigeria (unlikely, but not impossible), a global slowdown in demand, or China’s move to slow its stockpiling of crude for its strategic petroleum reserve.
ALUMINIUM
China Aluminum International Trading Co. (Chalco Trading) raised aluminum prices markedly in major markets today, it said on its WeChat.
Aluminum stocks in China’s five major markets are still on the decline even after touching 7-year low, SMM data showed.
BANK OF JAPAN
The 28 trillion yen ($265 billion) fiscal injection, estimated at 6 percent of Japan's economy, surprised markets on Wednesday as many anticipated a fiscal package only sometime next week.
The Japanese yen surged over 200 points on the news and is trading at 103 against the US dollar, which will likely upset the economic situation worse.
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