Gold Prices Lower After Yellen Hints Rate Hike
Gold prices inched down on a higher dollar after U.S. Federal Reserve Chair Janet Yellen indicated a raise in interest rates in the upcoming meeting of the central bank. Spot gold dropped 0.24 percent to $1,225.20 an ounce and U.S. gold futures settled 0.11 percent higher at $1,226.7.
According to Yellen, the Federal Reserve will likely hike interest rates in the upcoming meeting, however she indicated uncertainty regarding economic policy under the administration of U.S. President Donald Trump. Yellen responded to claims on global regulatory talks and said that the Fed holds the authority and has the responsibility to consult with foreign counterparts in order to benefit the United States.
New York's SPDR Gold Trust GLD climbed 0.50 percent. The world's biggest gold-backed exchange-traded-fund (ETF) stated that it has been certified as shariah compliant. In an attempt to spur demand for bullion form investors in majority-Muslim countries.
News are provided byInstaForex.