Precious-Gold resumed its retreat on Wednesday, trading near its lowest level in four months, before a Congressional Testimony by Federal Reserve Chair Janet Yellen.
The yellow metal hit a low of $1153.55 an ounce, while it currently trading at $1155.15, after opening at $1155.04.
Eyes will focus on the Yellen’s comments to get clues about the future of the monetary policy of the Federal Reserve, more specifically the timing of raising interest rates.
The central bank would raise interest rates this year if the economy continued to show progress, especially the labor market, Yellen said last week.
The dollar index rose for a third straight session to 96.80 to resume its rise after hitting a bottom of 95.55 the previous week.
The green currency pared some of its gains on Tuesday after an unexpected drop in U.S. retail sales for the month of June.
In general, caution remains predominant on Wednesday’s trades ahead of a critical Greek Parliamentary vote on austerity measures demanded by European creditors.