Gold pushes higher against Canadian dollar as Bank of Canada starts to tapper bond purchases

(Kitco News) - Gold is moving higher against the Canadian Dollar as the Bank of Canada announced a reduction in its weekly bond purchase program.

In its monetary policy statement the Bank of Canada said that it will now purchase $2 billion in bond weekly, down from $3 billion.

“This adjustment reflects continued progress towards recovery and the Bank’s increased confidence in the strength of the Canadian economic outlook,” the central bank said in its monetary policy statement.