Bank of Canada presses the pause button, gold priced in CAD ticks up BoC gold dollar
The Bank of Canada paused its tightening cycle Wednesday, keeping its key overnight rate unchanged at 4.5%. Markets largely expected the hold in rates, and gold priced in Canadian dollars continued to edge up after some early-morning losses.
Even though the labor market remains tight and wages are continuing to grow, inflation is easing, reflecting lower price increases for energy, durable goods and some services. On the global front, the Bank of Canada said there were no major surprises, except for the higher-than-expected inflation numbers from the U.S. and Europe.
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