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On Thursday, gold grew in European trade, approaching a one-week peak, reacting to Fed Chair Janet Yellen's congressional testimony to gradually lift interest rates.
In New York, gold futures hit $1,222.49 a troy, rising approximately 0.3%.
On Wednesday, prices tallied a third-straight profit after Yellen sounded quite cautious on inflation. She also stressed that the Fed wouldn’t require lifting rates for the purpose of reaching current low estimates of the neutral funds rate.
Yellen added that the American economy is healthy enough for the major US bank to start winding down its huge $4.5 trillion balance sheet at some point in 2017.
Experts considered the speech to be mostly dovish.
The US dollar index slumped nearly 0.3%, showing 95.31 in early trade, which is not far from the nine-month minimum of 95.22 achieved in late June.
Profits of the benchmark 10-year American Treasury declined to 2.32%, off peaks near 2.39% hit the previous week.
Gold has already lost out in a paradigm shift exactly where the number one precious commodity is no longer considered to be a traditional refuge when traders are in a risk-off mood…
On Monday, gold headed south because Turkey’s economic turmoil left financial markets puzzled…
On Friday, gold leapt because market participants rushed to safe-have assets…
In February, Japan's exports probably ascended at the fastest pace for two years due to a softer yen as well as improving global demand, as a Reuters survey showed on Friday…
On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…
On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…
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