Gold hovers near 7-week low ahead of Yellen speech

Gold steadied near a seven-week low on Tuesday as investors looked to Federal Reserve Chair Janet Yellen’s Senate testimony for signs of when the US central bank could raise interest rates.



Spot gold was little changed at $1,201.10 an ounce by 0247 GMT. The metal on Monday hit its weakest since Jan. 5 at $1,191.01.



Gold has fallen more than 6 per cent this month, nearly erasing January’s 8.4-per cent gain, which was its biggest in three years.



US gold for April delivery was also nearly flat at $1,201.50 an ounce.



Precious metals prices 0247 GMT Metal Last Change Pct chg YTD pct chg Spot Gold 1201.10 -0.32 -0.03 1.48 Spot Silver 16.32 0.03 +0.18 4.21 Spot Platinum 1160.25 -0.80 -0.07 -3.30 Spot Palladium 785.22 0.27 +0.03 -0.94 COMEX GOLD APR5 1201.50 0.70 +0.06 1.47 COMEX SILVER MAR5 16.32 0.07 +0.41 4.62 Euro/Dollar 1.1330 Dollar/Yen 119.07



COMEX gold and silver contracts show the most active months



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Posted in: Indian Market Tips