Gold Powers Past $4,625 as Japan's $20B Yen Intervention Crushes Dollar

Spot gold surged above $4,625/oz on May 1, 2026, extending its rebound from April 29 lows near $4,510 after Japan's ~$20B yen intervention drove USD/JPY from 152 to 148, hammering the dollar amid US-Iran Strait of Hormuz tensions. Prices had plunged over 7% from mid-April peaks near $4,850, pressured by Brent crude above $119/bbl, strong US PMIs, and DXY at 105.6. The rally accelerated on the Fed's 8-4 vote to hold rates at 3.50%-3.75%, Q1 GDP of 2.0%, and World Gold Council Q1 demand up 2% YoY to 1,231 tonnes including 244 tonnes central bank buys, fueling safe-haven flows.