Gold soars in Asia before Yellen speech

Gold soars in Asia before Yellen speech

On Wednesday, gold grew in Asia, with markets in Taiwan, South Korea and China unavailable for holidays as well as caution ahead of remarks later in the day from Fed Chair.

December delivery gold futures grew 0.25% in New York being worth $1,277.82 a troy ounce. The number one precious commodity gained some support from India because the festival season in this country usually generates increased demand for this commodity.

Overnight, gold ceased its recent descend after treasury yields trimmed revenues pressuring the evergreen buck to rebound  from six-week maximum raising market sentiment on the number one precious commodity.

Gold prices were limited to rather a narrow $7 trading band staying above seven-week dips amid greenback weakness because market participants waited for direction from crucial economic reports as well as a speech from Fed Chair Yellen a bit later this week.

Net bullish bets on gold went down to 212,600, as a report from the Commodity Futures Trading Commission unveiled on Friday.

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