Gold rose on Yellen’s statement after some choppy trading.
Indicators of inflation and unemployment in the United States are moving towards the levels desired by the Federal Reserve, said the head of FED Janet Yellen, speaking at a symposium in Jackson Hole.
“Based on this forecast, the Federal Open Market Committee (FOMC) still consider justified a gradual increase in interest rates of federal funds rate. And in light of the good labor market performance and our expectations regarding economic activity i am sure that the arguments in favor of a rate hike have become more persuasive in the past few months. ” These comments were mostly priced in.
The decision will depend on the extent to which the incoming statistical data confirm this forecast, stressed Yellen.
The cost of the October futures for gold on COMEX rose to $ 1342.3 per ounce.