Gold
futures rebounded from a seven-week low after Federal Reserve Chair
Janet Yellen signaled an interest-rate increase isn™t imminent.
Palladium climbed to the highest in almost six weeks.
Yellen,
testifying to the Senate Banking Committee on Tuesday, indicated that a
change in the Fed™s guidance on borrowing costs won™t lock the central
bank into a timetable. Higher interest rates curb gold™s appeal because
the metal generally gives returns only through price gains.
Gold
has increased 1.5 percent this year as signs of an economic slowdown in
China and turmoil over Greece™s debt boosted demand for haven assets.
While the U.S. labor market is improving, inflation is below the Fed™s
goal and wage growth is œsluggish, Yellen said Tuesday. She testified
in the House of Representatives Wednesday.
Gold
futures for April delivery rose 0.4 percent to settle at $1,201.50 an
ounce at 1:47 p.m. on the Comex in New York. The metal fell to $1,190 on
Tuesday, the lowest since Jan. 5, before paring losses after Yellen
spoke to Congress.
Source: Bloomberg
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