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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