Gold and silver prices reached their highest since January 2015 on Friday as the Bank of Japan's decision the previous day to hold off expanding monetary stimulus weighed on stock markets and the U.S. dollar.
The yen hit an 18-month peak versus the U.S. currency and was on course for its biggest weekly gain since the 2008 financial crisis, with poor U.S. growth and the Federal Reserve's cautious stance this week weighing on the dollar.
Spot gold was up 1.9% at $1,290.46 U.S. an ounce, after briefly topping a 15-month high of $1,299. U.S. gold futures for June delivery were up $26.20 an ounce at $1,292.60 U.S..
For the week -- the last of April -- the metal improved 4.2% in what is set to be its biggest weekly rise since the week ended Feb. 12.
The Fed's policy statement on Wednesday after leaving interest rates unchanged also supported gold. The U.S. central bank kept the door open to an increase in June, but showed little sign it was in a hurry to tighten monetary policy.
Gold, of course, is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion, while boosting the greenback, in which it is priced.
Moreover, silver futures climbed 1.4% at $17.79 U.S. an ounce, having touched its highest since January 2015 at $17.92. The metal has risen 15% this month and is on track for its biggest monthly rise since August 2013 as it plays catchup after lagging gold during its first-quarter surge
