Gold prices rallied Tuesday after Fed Chair Janet Yellen quelled speculation interest rates will be hiked in April.
Yellen, in a speech to the Economic Club of New York, acknowledged it is ‘too early’ to say if pickup in core inflation will prove durable.
Given the risks to the outlook due to global problems, “I consider it appropriate for the Committee to proceed cautiously in adjusting policy,” she said.
June gold gained $15.50, or 1.3 percent, to settle at $1,237.50/oz, breaking a losing streak.
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