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Gold Reaches Two Week High at $1284

Gold was trading near its highest in two weeks on Tuesday ahead of Congressional testimony by the new chief of the Federal Reserve, on hopes that the U.S. central bank may rethink the pace of its stimulus tapering.

Spot gold was little changed at $1,273.86 an ounce by 0016 GMT, after gaining 1.4 percent in the past two sessions. The metal hit a two-week high of $1,277.70 on Monday.

Fed Chair Janet Yellen gives her first testimony before the House Financial Services Committee at 1500 GMT, and will likely face questions on the state of the labour market and the future pace of tapering.

CNBC [1]

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