Gold Edges Higher on Global Cues with Yellen, Data in Focus

Gold Edges Higher on Global Cues with Yellen

Gold futures prices rose in North American trade on Tuesday, up from sharp losses the previous day as investors awaited key data and comments from senior Fed members including President Janet Yellen.

Comex gold futures were at $1,250.20 a troy ounce, up $3.80, or around 0.3%. It fell to its lowest since May 17 at $1,236.50 in the prior session.

Globally, spot gold rose 0.63 per cent to USD 1,252.30 an ounce in Singapore.

Federal Reserve Chairman Janet Yellen is scheduled to speak on global economic issues at a lecture by the president of the British Academy of 2017 in London at 1:00 pm. Public questions are expected.

The comments will be monitored closely for any new look at the policy and the timing of when the Fed will raise interest rates. The Federal Reserve Chairman may be asked about the US central bank’s plan to start cutting its huge balance sheet, which has ballooned to $ 4.5 trillion in the wake of the financial crisis.

In addition to Yelen, policy makers in the Federal Reserve are expected to present a public appearance on Tuesday that could provide more insight into the debate among policy makers about the possibility of higher interest rates in the coming months.

It is scheduled to be the President of the Federal Reserve Bank of Philadelphia, Patrick Harker speaks about the economic outlook and international trade in the European economy and financial center in London, will speak while the President of the Federal Reserve Bank of Minneapolis Neil Kashkari in one of the activities of the municipal hall in Michigan.

In Delhi, 99.9 percent gold and 99.5 percent purity rose by Rs 60 each to Rs 29,160 and Rs 29,010 per ten grams, respectively.

Traders attributed rising gold prices to a steady trend in global markets ahead of Federal Reserve comments for more signs of the likely central bank trajectory and new purchases by local jewelers in the local market.

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