Gold Rallies to Near $1208 on U.S. Rates Timing

Gold held above $1,200 an ounce on Thursday as recent comments from Federal Reserve chair Janet Yellen prompted some investors to push back the likely timing of a hike in U.S. interest rates.  Spot gold was up 0.1 percent at $1,205.60 an ounce by 0027 GMT.

Gold rose as much as 1 percent on Wednesday after Yellen indicated flexibility in raising U.S. interest rates, telling the Senate Banking Committee on Tuesday that while the Fed is preparing to consider rate hikes on a “meeting-by-meeting basis”, an increase is not likely for at least the next couple of meetings.

Yellen did not offer any additional insight on the timing of a rate increase before the House of Representatives Financial Services Committee on Wednesday.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.