Gold Price Steady As Yellen Softens Rates Hike Expectations

Washington (July 13)  Gold futures inched higher Thursday morning after Federal Reserve Chair Janet Yellen's dovish remarks to Congress yesterday.

Yellen told lawmakers that interest rates do not have to rise much further despite a murky outlook for the economy.

"At present, I see roughly equal odds that the US economy's performance will be somewhat stronger or somewhat less strong than we currently project," she said.

Yellen, criticized in the past by President Donald Trump, said this may be her last testimony. Her term ends in February but the implication is she might be replaced before then.

Chicago Fed President Charles Evans will speak at 11:30 a.m. Eastern. Fed Gov. Lael Brainard will speak at 1 p.m.

Gold was up USD2 at USD1221 an ounce, staying near 4-month lows.

AllianceNews