Gold futures prices pressured in trade on Thursday on the dollar remained strong, hold on to the previous losses, as investors awaited additional comments from Federal Reserve Chairman Janet Yellen for new evidence about the timing of the next interest rate raise in 2017.
Gold for February delivery on the Comex Exchange slumped around $12.00, or 1%, to $1,200.50 a troy ounce.
Spot gold was down 0.1 per cent to $1,202 per ounce, after dropping to as much as $1,197.31.
The dollar index, which tracks the US currency versus a basket of currencies, up 0.3 percent to 101.230.
Federal Reserve Chairman Janet Yellen speaks again Thursday night at 8:00 pm on the economic outlook and monetary policy at Stanford University.
The Federal Reserve Chairman Janet Yellen on Wednesday as the American economy near full employment and inflation heading toward the Federal Reserve’s target of 2 per cent, it “logical” for the US central bank to raise interest rates gradually.
Federal Reserve Chairman said she and policymakers of the Federal Reserve again expect the central bank to raise the price on the main short-term benchmark “several times a year” by 2019. That pace may fluctuate depending on how the evolution of the outlook for the economy, Yallen unrelenting.
Donald Trump called on the US President to cut taxes and increase spending on infrastructure, which boosted US stocks and the dollar has seen a sell-off in Treasuries. And he led his protectionism and tweets outside slap many investors choose gold.
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