Spot gold was off 0.2 percent at $1,196.98 an ounce by 0036 GMT, after rising for a second week in a row last week. It touched a three-week peak of $1,219.40 on Thursday.
Bullion is headed for a second consecutive monthly drop in March as a looming U.S. rate hike dims the appeal of a non-interest bearing asset.
Yellen said on Friday that an increase in the Fed’s benchmark rate “may well be warranted later this year” given sustained improvement in U.S. economic conditions.
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