Gold prices fell about 0.1 percent Wednesday as part of a correction after jumping more than 1.5 percent Tuesday. The rally was boosted by a sharp drop in the dollar amid the Bank of Japan's announcement that it had decided to change its policy of controlling the yield curve. A weaker dollar is boosting demand for gold as it becomes more lucrative to buy it in foreign currencies.

The next drop in the dollar is likely to push the spot price of gold to a new high, according to chief market analyst at Exinity Han Tan, cited by profinance.ru. He recommends keeping long positions on this precious metal, because in 2023, we should expect a good increase in its value - investors are assessing the prospects of recession in the United States and expect the corresponding softening of the policy of the Federal Reserve. Nevertheless, the head of the latter, Jerome Powell, last week reiterated his intention to continue raising the key rate as part of the fight against inflation.