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.


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