Gold Stable Ahead of Fed Chair Yellen

Gold is trading slightly higher in early U.S. trading Monday, following the strong gains posted Friday in the wake of a very weak U.S. jobs report. August Comex gold was last up $2.60 an ounce at $1,245.60. July Comex silver was last up $0.08 at $16.445 an ounce.

The marketplace is awaiting a speech later today by Fed Chair Janet Yellen. She may offer new insight into upcoming Fed monetary policy decisions following Friday’s very downbeat jobs report for May that showed a paltry 38,000 rise in the key non-farm payrolls number. Yellen’s speech in Philadelphia is scheduled to begin at 12:30 p.m. EDT.

World stock markets were narrowly mixed overnight in mostly subdued trading. U.S. stock indexes are pointed toward slightly higher openings when the New York session begins.

There is no major U.S. economic data due for release Monday.

via Kitco

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza