Gold traded above the lowest price in more than a week in New York as investors weighed turmoil over Ukraine against the outlook for an improving U.S. economy.
Gold fell 2 percent yesterday, the most since December, as data indicated U.S. consumer prices accelerated in March. A report released this week showed retail sales increased more in March than economists forecast. The metal slid the most since 1981 last year on the outlook for reduced U.S. stimulus.
Federal Reserve Chair Janet Yellen will address the Economic Club of New York today. She said in March borrowing costs may start to rise “around six months” after the conclusion of asset buying, which economists forecast will end this year. Since then, minutes of the Fed’s last meeting played down forecasts for higher interest rates. Gold rebounded 8.4 percent this year as the Ukraine crisis spurred haven demand.