Gold prices rose sharply and hit a nearly 6-month high on Tuesday as the dollar fell after the Bank of Japan announced a surprise shift in its yield curve policy that heralds a possible monetary tightening.
The Yen firmed after the BoJ's policy shift, weighing on the greenback. The dollar index dropped to 103.78 around mid morning and despite subsequently recovering to 104.00 was still down more than 0.6% from the previous close.
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