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Gold fell as dollar gains on Yellen testimony
Gold fell on as the dollar advanced after U.S. Federal Reserve Chair Janet Yellen said the central bank will likely need to raise interest rates at an upcoming meeting with the economy expanding further. The Federal Reserve chair struck a more hawkish tone than investors had expected, although she did flag considerable uncertainty over economic policy under the new Trump administration. U.S. President Donald Trump’s national security adviser Michael Flynn resigned on Tuesday over revelations that he had discussed U.S. sanctions against Moscow with the Russian ambassador before Trump took office. “Yellen is trying to nudge the expectations for a rate hike in March higher. This doesn’t mean they will move in March, but the Fed wants to have the option to move,” said Omer Esiner, chief market strategist at Commonwealth Foreign Exchange Inc. Gold is highly sensitive to climbing U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. The dollar index reached a three-week peak following Yellen’s prepared remarks before the Senate Banking Committee. Ahead of the testimony, a hawkish central banker said the Fed will likely have to raise rates faster than financial markets currently expect given any new policies by the Trump administration, while uncertain, will force the central bank’s hand. On the upside for gold, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.49 percent to 840.87 tonnes on Monday.
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