Gold settles before Janet Yellen Talk

Gold continued bleeding in global markets

Gold settles before Janet Yellen Talk

Gold moved in a narrow range on Wednesday, as investors awaited testimony Janet Yellin president of the Federal Reserve (the US central bank) in front of Congress, searching for more clues on the timing of raising US interest rates this year, and whether it will be followed by further increases.

Before the certificate unrelenting stability and economic growth in China, data showed, the largest gold consumer in the world, at seven percent in the second quarter, surpassing analysts’ expectations of 6.9 percent growth.

It did not witness Spot gold little changed transactions, to settle at $ 1154.90 an ounce (an ounce), by the time 0618 GMT, two days after a few losses.

And reinforced expectations of higher US interest rates the dollar, which reduces the demand for US-denominated assets such as gold currency, as it becomes more expensive for holders of other currencies.

The price of gold settled in the US futures contracts for August delivery at $ 1153.70 an ounce, and palladium price jumped 0.7 percent in the spot market to $ 654.22 an ounce, in the third session of gains during the four sessions.

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