Gold Prices Trades Higher in Asia Ahead of Yellen Speech

Gold Prices Trades Higher In Asia Ahead OF Yellen Speech

Gold futures prices in Asia rose on Wednesday as markets in China, Taiwan and South Korea closed for holidays and caution ahead of comments from the head of the US central bank later in the day.

Gold futures for December delivery on the Comex division of the New York Exchange rose 0.25% to $1,277.82 a troy ounce.

Spot gold had risen 0.3 per cent to $1,275.91 an ounce. It touched its lowest since mid-August at $1,267.76 on Tuesday.

MCX Gold futures were trading 0.15 per cent, or Rs 45, up at Rs 29,400 per 10 gram.

Gold prices have been limited to a narrow range of $ 7 for trading hovering above its lowest level in seven weeks amid the weakness of the dollar as investors awaited the trend of economic data from the first class and a letter from the President of the Federal Reserve softened later in the week.

The unrelenting talk in the community banking sector at a conference of the twentieth century atheist and on Wednesday amid growing speculation about her position as chairman of the Federal Reserve. It is noteworthy that the Governor of the Federal Reserve Bank of Jerome Powell and the governor of the former Federal Reserve Board Kevin Lars on the list of candidates to succeed Janet Yellen.

The US dollar fell 0.2 percent against a basket of major currencies on Wednesday after playing the best since mid-August on Tuesday.

According to experts, the market will control the most important non-farm payrolls this week, apart from the decision of President Donald Trump expected the leadership of the Fed, as well as upcoming speeches by politicians and US economic data.

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