Gold price (XAU/USD) prolongs its upward trajectory through the Asian session on Wednesday and advances to a fresh all-time peak, around the $2,854 region in the last hour.
Japan's Economy Minister Ryosei Akazawa noted on Wednesday that the ”government’s focus is to eradicate Japan's deflationary mindset.” “With an ambitious goal to boost minimum wages, the government is trying to eradicate deflationary mindset,” he added.
Rapid rise has scope to extend, but any advance is unlikely to break clearly above 1.2475. In the longer run, for the time being, GBP is expected to trade in a range of 1.2245/1.2530, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.