Gold was locked in a narrow range on Wednesday as investors waited for Federal Reserve Chair Janet Yellen’s congressional testimony for more clues on the timing of a U.S. interest rate increase this year.
Ahead of Yellen’s testimony, data showed economic growth in top gold consumer China held steady at 7 percent in the second quarter, above market expectations of 6.9 percent.
Yellen said last week that the Fed was on course to lift rates at some point this year, but an unexpected drop in U.S. retail sales in June renewed concerns the world’s top economy may be slowing again.
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