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Gold Prices Steady Ahead of Yellen Speech

CommoditiesSep 26, 2017 03:10AM ET
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© Reuters. Gold takes a breather ahead of Yellen speech

Investing.com - Gold prices steadied on Tuesday, catching their breath after rallying sharply in the prior session, as investors looked ahead to fresh comments from Federal Reserve Chair Janet Yellen for greater signs on the timing of the next rate hike.

Comex gold futures were at $1,312.12 a troy ounce by 3:10AM ET (0710GMT), little changed from Monday's closing price. It rose to its best level since Sept. 20 at $1,317.10 earlier in the session.

The yellow metal rallied 1.1% on Monday after tensions on the Korean peninsula flared-up anew amid an escalating war of words between North Korea and the U.S.

North Korea's foreign minister said President Donald Trump had declared war on North Korea and that Pyongyang reserved the right to take countermeasures, including shooting down U.S. bombers even if they are not in its air space.

Ri Yong Ho said a Twitter message by Trump on Saturday in which the president warned that the minister and North Korean leader Kim Jong Un "won't be around much longer" if they acted on their threats amounted to a declaration of war.

White House spokeswoman Sarah Saunders on Monday denied the United States had declared war and called the suggestion "absurd".

Meanwhile, the Fed is keeping itself in the market's sights, with Chair Janet Yellen due to deliver a speech titled "Inflation, Uncertainty, and Monetary Policy" at the National Association for Business Economics' Annual Meeting in Cleveland at 12:45PM ET (1645GMT) Tuesday.

Her comments will be monitored closely for any new insight on policy. Last week, the U.S. central bank announced it would begin trimming down its $4.5 trillion in assets and signaled it will likely raise rates again this year.

Besides the Fed, market players will focus on CB consumer confidence data and new home sales both due at 10:00AM ET (1400GMT).

Interest rate futures are now pricing in about a 70% chance of a December Fed rate hike according to Investing.com's Fed Rate Monitor Tool, up from under 40% just a few weeks ago.

Elsewhere on the Comex, silver futures inched up 2.6 cents, or about 0.2%, to $17.17 a troy ounce.

Gold Prices Steady Ahead of Yellen Speech
 

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Hiren Patel
garasondiahiren Sep 26, 2017 10:26AM GMT
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Hedge funds made a good start of this week. and made a high $1313 and $17.250 range today...Before us open and todays yellen speech, expectation of rises should continue in hedge funds......buy xau and xag at current rate $1303.51-1301 range and $17.050-17.000 range and wait below tgts today.mm.tgt1 $1319+$17.320 and tgt2 $1325+$17.580.mm
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Silverbug 19
Silverbug 19 Sep 26, 2017 7:29AM GMT
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Rising rates are good for Gold. Has it not risen since the hikes began? In the 70's rates were near 20% and gold reached record prices.
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