Gold
fluctuated between gains and losses as investors await Janet Yellen’s
testimony to assess the outlook for U.S interest-rate increases.
Bullion
for immediate delivery rose and fell 0.1 percent, and traded at
$1,156.18 an ounce at 8:37 a.m. in Singapore, according to Bloomberg
generic pricing. The metal retreated for a second day to close at
$1,156.06 on Tuesday.
Gold
has declined 2.4 percent this year as speculation that the U.S. will
raise rates boosted the dollar and curbed bullion’s appeal as an
alternative investment. Federal Reserve Chair Yellen addresses Congress
Wednesday after U.S. retail sales that unexpectedly fell in June damped
expectations for higher borrowing costs.
Gold
futures for August delivery traded at $1,154.90 an ounce on the Comex
in New York from $1,153.50 on Tuesday, when prices completed a four-day
decline.
Source : Bloomberg
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