Gold surges in Asia with Yellen

Gold surges in Asia with Yellen

On Tuesday, gold grew in Asia, with markets monitoring geopolitical risks and also noting comments from the Fed chief that suggested the US major bank is on track with its plans to lift rates as forecast.

In New York, April delivery gold futures added 0.12%, trading at $1,255.35 a troy ounce. Besides this, copper futures dropped 0.15%, showing $2,602 a pound.

The Fed’s plans to gradually increase American interest rates are aimed at sustaining full employment as well as almost 2% inflation without letting the US economy overheat. That’s what Fed Chair Janet Yellen told on Monday.

She repeated earlier comments that the American economy is supposed to keep surging at a modest pace.

Overnight, gold traded below breakeven because increased expectations the Fed would increase rates in June compensated a surge in geopolitical tensions in Korea and the Middle East.

Hopes that the Fed will increase rates in June kept limitting upside for gold prices.

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