Gold was trading close to its lowest level in over a week on Monday after Federal Reserve Chair Janet Yellen indicated the U.S. central bank was likely to raise interest rates this year and as the dollar strengthened to its highest in a month.
Spot gold was little changed at $1,205.06 an ounce by 0637 GMT, close to $1,201.20, the metal's lowest since May 13 reached in the previous session.
Yellen was clearer than ever on Friday that the
central bank was poised to raise interest rates this year, as the U.S. economy was set to bounce back from an early-year slump and headwinds at home and abroad waned.
“Yellen's comments and the positive impact it has had on the dollar is not helping gold,” said a trader in Singapore.
Reuters
www.dailynews.lk
Spot gold was little changed at $1,205.06 an ounce by 0637 GMT, close to $1,201.20, the metal's lowest since May 13 reached in the previous session.
Yellen was clearer than ever on Friday that the
central bank was poised to raise interest rates this year, as the U.S. economy was set to bounce back from an early-year slump and headwinds at home and abroad waned.
“Yellen's comments and the positive impact it has had on the dollar is not helping gold,” said a trader in Singapore.
Reuters
www.dailynews.lk
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