Gold hit a three-month high and global shares rose on Tuesday as investors wagered that the new head of the U.S. Federal Reserve would renew the bank’s pledge to keep policy ultra-easy at her first testimony to Congress.
Fed Chair Janet Yellen is likely to face questions on the state of the labor market and the future pace of tapering when she appears before the House Financial Services Committee at 10.00 a.m. ET. Her testimony will be released at 8.30 a.m. ET.
Dealers said the latest betting was that while the tone was likely to be upbeat on the economy, Yellen would emphasize that interest rates were set to remain near zero for some time.
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