Gold traded near the lowest price in more than three weeks after Federal Reserve Chair Janet Yellen said benchmark rates could increase sooner than expected if inflation and the job market pick up faster than anticipated, even as stimulus is still needed. Bullion slid 3.3 percent in the previous two days, the biggest two-day drop this year. Yellen will testify to lawmakers in Washington for a second day today. Gold dropped 28% in 2013 on expectations the Fed will scale back stimulus. Prices rebounded 8 percent this year as policy makers had pledged to keep interest rates low after bond buying ends and as unrest in the Middle East and Ukraine spurred demand for a haven. Gold for immediate delivery added 0.3% to $1,297.71 an ounce. It fell to $1,292.26 yesterday, the lowest since June 19. Gold for August delivery was little changed at $1,298.30 on the Comex in New York.
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