Gold fluctuated between gains and losses as investors await Janet Yellen’s testimony to assess the outlook for U.S interest-rate increases.
Bullion for immediate delivery rose and fell 0.1 percent, and traded at $1,156.18 an ounce at 8:37 a.m. in Singapore, according to Bloomberg generic pricing. The metal retreated for a second day to close at $1,156.06 on Tuesday.
Gold has declined 2.4 percent this year as speculation that the U.S. will raise rates boosted the dollar and curbed bullion’s appeal as an alternative investment. Federal Reserve Chair Yellen addresses Congress Wednesday after U.S. retail sales that unexpectedly fell in June damped expectations for higher borrowing costs.
Gold futures for August delivery traded at $1,154.90 an ounce on the Comex in New York from $1,153.50 on Tuesday, when prices completed a four-day decline.
Source : Bloomberg