Gold Extends Losses to Hit 8-Month Low on Hawkish Tone from Yellen

New York (July 15)  Gold futures have extended earlier losses and have dropped to an eight-month low in late-morning trading Wednesday. Hawkishly construed comments from Federal Reserve Chair Janet Yellen, in her testimony before the U.S.Congress, are bearish for the precious metals markets. The U.S. dollar index has also rallied on Yellen's remarks, which has helped to pressure gold, too. Sell stop orders were triggered in gold futures after prices breached key technical support levels, which also added to selling pressure. August gold was last down $9.80 an ounce at $1,144.30.

Spot silver tumbles nearly 2% to $15.07. And spot platinum crumbles $12 to $1018, while palladium is hammered down $17 to $641...lowest level in morew than one year.